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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. [8] [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". [9]
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.
China does not have a timetable for the launch of its new digital currency, its central bank governor said on Tuesday, saying more work was needed to address a series of regulatory issues.The ...
By March 2024, the central banks of 134 countries accounting for 98% of the world's GDP were said to be in various stages of evaluating the launch of a national digital currency. [26] These included the ECB, the UK, and the US. [27] [28] China's digital RMB was the first digital currency to be issued by a major economy.
The race among central banks to launch sovereign digital currencies is heating up. China has made considerable progress, with hopes of using its nascent digital currency to help internationalise ...
The People’s Bank of China said it expanded its digital yuan pilot program to 11 more cities, including in Hangzhou, which hosts the Asian Games in September. See related article: The digital ...
The wallet is issued as a pilot project by the People’s Bank of China (PBOC), the country’s central bank. How China’s Digital Currency Could Challenge the Almighty Dollar Skip to main content
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]