2023-1-12 23:45 |
The 13.61 billion e-CNY represented roughly 0.13% of the 10.47 trillion yuan in circulation at the end of 2022.
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The People's Bank of China included e-CNY, the country's digital currency, in calculations of the amount of currency in circulation for the first time.
2023-1-11 18:14 | |
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"Neither of the current CBDCs in circulation, such as the Sand Dollar and the digital yuan, accrue interest on deposits," said Yang.
2022-6-30 20:30 | |
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China’s digital yuan ‘DC/EP’ might soon be replacing the fiat renminbi in circulation following an announcement by the country’s ministry of commerce to scale the pilot in more cities. This PBoC backed digital currency has been in progress since 2014 but was only piloted recently, marking a significant milestone towards the adoption of CBDC’s. The […]
2020-8-17 17:06 | |
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A former Vice President of Bank of China has said that replacing the fiat RMB in circulation (M0) with a CBDC is the way to go on monetary policy. Wang Yongli, who is now the director of the Haixia blockchain research institute, shared these sentiments in an article posted on his public WeChat account. This […]
2020-8-3 15:14 | |
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The government is incentivizing new residents to come develop payment solutions, smart contracts, hard wallets and promotions for the digital yuan.
A shift in the digital currency environment may occur due to Russia's latest decision to utilize the Chinese yuan instead of the U.S. dollar in trade settlements with nations in Asia, Africa, and South America.
Recent events in China indicate the country’s paradigm shift concerning digital currency. The digital yuan (e-CNY) is gradually forming a significant part of the Chinese currency through its rapid development.
Amid the ongoing global CBDCs adoption, China proposes an Asian-wide digital currency to reduce the continent’s economic reliance on the US dollar. USD is unquestionably the most widely used international currency.
PBoC deputy governor Fan Yifei said expanding e-CNY trials to the provinces of Guangdong, Jiangsu, Hebei and Sichuan would happen "at a proper time."
In contrast to many other nations, China has adhered strictly to a zero-COVID policy, resulting in the repeated shutdown and closure of non-essential enterprises in key financial centres such as Shanghai.