![]() ![]() History Ī sign showing that a store accepts digital RMB in Shenzhen, GuangdongĬhina'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. The digital renminbi is seen by some commentators as a form of Chinese government surveillance and control over users and their financial transactions. The technology enables transactions to take place between two offline devices. ![]() It aims to be cheaper and faster than existing financial transactions. The digital yuan is designed to move instantaneously in both domestic and international transactions. The digital RMB is legal tender and has equivalent value with other forms of renminbi, also known as the Chinese yuan (CNY), such as bills and coins. It is the first digital currency to be issued by a major economy, undergoing public testing as of April 2021. People's Bank of China Digital Currency Research Instituteĭigital renminbi ( Chinese: 数字人民币 also abbreviated as digital RMB and e-CNY), or Digital Currency Electronic Payment ( DCEP, Chinese: 数字货币电子支付 pinyin: Shùzì huòbì diànzǐ zhīfù), is a central bank digital currency issued by China's central bank, the People's Bank of China. Shenzhen, Suzhou, Xiong'an, Chengdu, Beijing, Zhangjiakou, Shanghai, Hainan, Changsha, Xi'an, Qingdao, Dalian, Fuzhou, Xiamen, Guangzhou, Tianjin, Chongqing, Hangzhou, Ningbo, Wenzhou, Huzhou, Shaoxing, Jinhua, Jinan, Nanning, Kunming, Fangchenggang, Xishuangbanna People's Republic of China ( Mainland China) The language(s) of this currency do(es) not have a morphological plural distinction.ġ4 August 2020 3 years ago ( 14 August 2020)
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