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[2] [3] The digital RMB is legal tender [4] and has equivalent value with other forms of renminbi, also known as the Chinese yuan (CNY), such as bills and coins. [2] The digital yuan is designed to move instantaneously in both domestic and international transactions. [2] [5] It aims to be cheaper and faster than existing financial transactions. [2]
Adoption of the digital yuan (dubbed e-CNY) recently saw a major catalyst in the People’s Bank of China (PBOC) allowing foreign athletes and spectators at the Beijing 2022 Winter Olympics to use ...
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.
The world's biggest central banks are revving up work on issuing digital cash, aiming to fend off emerging threats to traditional money and to make payments systems smoother. In recent weeks ...
China's leading on-demand service provider Meituan on Wednesday began allowing more than 200 types of offline merchants - including restaurants, grocery stores, cinemas, and hotels - to accept ...
Ant Group (Chinese: 蚂蚁集团; pinyin: Mǎyǐ jítuán), formerly known as Ant Financial, is an affiliate company of the Chinese conglomerate Alibaba Group.The group owns the world's largest mobile (digital) payment platform Alipay, which serves over 1.3 billion users and 80 million merchants, with total payment volume (TPV) reaching CN¥118 trillion in June 2020.
In 2021, CIPS processed around 80 trillion yuan ($12.68 trillion), with about 1280 financial institutions in 103 countries and regions having connected to the system. [1] [2] 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. [8]
At the press conference, the NDRC announced it would issue 200 billion yuan ($28 billion) to local governments for spending and investment projects by year's end.