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The PBOC will disburse e-CNY to a list of approved commercial banks. The digital yuan will be distributed via a two-tier system. Cryptocurrency, on the other hand, is a decentralized digital asset mainly operating on blockchain technology. The digital yuan, as explained above, is issued by the country’s central bank. It is important to recognize that the digital yuan is not a form of cryptocurrency, which is banned in China.

It is mainly intended to be used for high-frequency small-scale retail transactions. As such, it constitutes part of the monetary base of the country and makes up part of the cash in circulation. This includes the digitization of banknotes and coins currently in circulation. The digital yuan is part of China’s long-going attempt (first started in 2014) at digitalizing its currency.

It is otherwise known as the Digital Currency Electronic Payment (DCEP), the digital RMB, and more commonly the e-CNY. The Digital Yuan is a digital currency issued by China’s central bank, the People’s Bank of China (PBOC).

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Given the novelty of the digital yuan and the accompanying app, there are still many unknowns to navigate.Īlready at the beginning of 2022, China increased its efforts to further develop and sponsor the digital currency by expanding the previous limited pilot program to reach a total of 23 cities across the country, where users can freely download the app and use it as an alternative payment method.īig e-commerce, food delivery and online payment players such as Tencent and Alibaba, also announced the integration of the digital yuan in their payment options.īut there are still many challenges facing the development and usage of the new digital currency, in particular whether or not Chinese citizens, who already use the two biggest online payment systems run by Tencent and Alibaba, will adopt this new one.