Developments and Implications of Central Bank Digital Currency: The Case of China e-CNY

【Author】 Xu, Jianguo

【Source】ASIAN ECONOMIC POLICY REVIEW

【影响因子】3.000

【Abstract】China has been both active and cautious in developing a central bank digital currency (CBDC). China CBDC has been in research and development since 2014. The process speeded up in 2019. It is currently at the stage of expanding real field experiments. Residents in 11 areas can open e-wallets linked to nine major banks. It is centralized digital cash designed to gradually replace traditional paper cash and coins (M0). It will be supported by the traditional double-layer banking system. It is not blockchain based at issuance but is technology neutral in distribution. Internet and technology companies may join commercial banks in distributing the China CBDC. In the short run, the China CBDC will help improve domestic financial monitoring and policy implementation. In the long run, it may play a role in the RMB's internationalization or even the international monetary system's evolution.

【Keywords】CBDC; digital currency; financial regulation; international monetary system; RMB internationalization; E40; E42

【发表时间】

【收录时间】2022-06-26

【文献类型】理论性文章

【主题类别】

区块链治理-市场治理-数字货币