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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]
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 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 ...
China's e-payments ecosystem is set to step up a level of sophistication as the coronavirus pandemic and deteriorating US-China relations hasten Beijing's plans for a digital fiat currency ...
China will expand the trial of its sovereign digital currency to a number of Chinese cities including Chongqing, Tianjin, Hangzhou and Guangzhou, as the central bank works on incentives for banks ...
China's digital currency, or e-CNY, was the most issued, and actively transacted token in the $22 million pilot that used CBDCs to settle cross-border trades, a Bank of International Settlement ...
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]
China's big four state-owned commercial banks have started large-scale internal testing of what would be the world's first sovereign digital currency, as the launch of the digital yuan appeared to ...