Digital yuan: what is it and how does it work?

China’s answer to the cryptocurrency challenge, the e-CNY central bank digital currency, is set for rapid take-off on its expected launch in 2022. Deutsche Bank’s research team examines the digital currency in detail and provides answers to common questions about e-CNY. What is e-CNY? The e-CNY, or digital yuan, is a centralized, cash-like digital currency that is expected to be primarily used for retail payments in China. The People’s Bank of China (PBOC), the central bank, and e-CNY operating institutions have conducted large scale e-CNY pilot programs in multiple cities…

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