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In October 2020, the on-the-ground tests became public for the first time and were expanded to another six cities in China.Īlthough the official timetable of launching eCNY has not been released yet, it is expected that a wider launch to the public might take place at the 2022 Winter Olympics. The PBOC has been working on its sovereign digital currency programme since 2014, and it was not until August 2020 when it launched pilot trials to a selected group of China Construction Bank account holders for retail payment in four cities including Shenzhen, Suzhou, Xiongan New Area, and Chengdu. Out of which, China and Sweden are among the first major economies to pilot a digital currency. In May 2021, Zhejiang E-Commerce Bank (MYBank), an Alibaba-backed online lender, became the first private bank to join the eCNY tests.Īccording to the Atlantic Council’s CBDC tracker, most economies are still in the stage of exploring the use cases, impact, and feasibility of CBDC, while 19 countries initiated small-scale testing of CBDC with a limited number of participants. Officially called Digital Currency Electronic Payment (DCEP), or more commonly referred to the digital yuan or eCNY, China’s digital yuan is a form of central bank digital currency (CBDC) issued by the PBOC that will be distributed to the public by the six largest state-owned commercial banks in China.
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“I didn’t find it more convenient than the existing digital payment services such as Alipay, except the fact that I can pay without connecting to the internet,” Zhou said, “however, with the 5G network being commercialised, offline electronic payment is barely needed”. As part of the trial, she had to spend the digital currency at designated brick-and-mortar shops before the digital red packet expired. Without needing a bank account, Zhou could choose a digital wallet from one of the six state-owned commercial banks on the app to store her eCNY.
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In the second trial of China’s digital yuan held by the Shenzhen government in January 2021, Zhou was selected to receive a digital red packet worth RMB$200 through a lottery, with an exclusive link leading her to download the eCNY app. In China’s southern tech hub Shenzhen, 33-year-old reporter Sally Zhou got to test out what is said to be the next financial disruptor – a digital currency issued by the People’s Bank of China that could be accessed at her fingertips.
China’s Digital Yuan: How will it Decide the Future of Money?
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