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China's central bank, the People's Bank of China (PBOC), began research on the digital currency in 2014 under the leadership of Governor Zhou Xiaochuan. [9] [2] In 2016, Fan Yifei, a deputy governor of the PBOC, wrote that "the conditions are ripe for digital currencies, which can reduce operating costs, increase efficiency and enable a wide range of new applications". [10]
CIPS is backed by the People's Bank of China and was launched in 2015 as part of a policy effort to internationalize the use of China’s currency. In 2022, CIPS processed around 96.7 trillion yuan ($14.03 trillion), with about 1427 financial institutions in 109 countries and regions having connected to the system. [1] [2]
The patents reveal the extent of China's digital currency plans. The patents, seen and verified by the Financial Times, include proposals related to the issuance and supply of a central bank digital currency, a system for interbank settlements that uses the currency, and the integration of digital currency wallets into existing retail bank ...
Since 2014, China's central bank has been working on a project called DCEP (Digital Currency Electronic Payment) or digital renminbi, [8] often also referred to as the "digital yuan" as it would be backed by the yuan. [9] At the end of 2017, the China's central bank organized a number of banks and institutions to jointly develop the DCEP system.
LONDON (Reuters) -Saudi Arabia has joined a China-dominated central bank digital currency cross-border trial, in what could be another step towards less of the world's oil trade being done in U.S ...
Digital dollarization: A well-run foreign digital currency could become a replacement for a local currency for the same reasons as those described in dollarization. [68] The announcement of Facebook's Libra contributed to the increased attention to CBDCs by central bankers, [ 69 ] as well as China's progress with DCEP to that of several Asian ...
Users are able to perform instant money transfer or make payment to merchants by using the recipient's phone number, e-mail or QR code that contains the user's numeric identifier. [ 3 ] [ 4 ] Using the "traditional way" of full name and account number to make interbank transfer is also allowed.
Currently five entities are jointly developing mBridge. They include the Hong Kong Monetary Authority (HKMA), the Bank of Thailand (BoT), the Central Bank of the United Arab Emirates (CBUAE), the Digital Currency Research Institute of the People's Bank of China (PBC DCI), and the BIS Innovation Hub Hong Kong Centre (BISIH Hong Kong Centre). [1]