May 29, 2024


The Joy of Technology

Chinese state media calls for wider e-CNY adoption

Xinhua Information Agency’s affiliate newspaper, Financial Info Day by day, Thursday released an op ed suggesting measures for the further more adoption of the electronic yuan.

See similar post: The digital yuan’s de-dollarization

Quick information

  • Community governments should increase their budgets to market the pilot, the editorial mentioned. 
  • Condition-owned entities should just take the guide in adopting e-CNY, it added.
  • The op ed also implies expanding the electronic yuan to additional retailers, specifically e-commerce platforms, and start far more campaigns to encourage the CBDC to the community.
  • The central lender need to operate on the legal rights and obligations of the electronic yuan although legislation on the challenge is underway, the op-ed additional.
  • China’s CBDC — the electronic yuan, or e-CNY — began trials in Shenzhen in Oct 2020 and topped 87.565 billion yuan (US$11.238 billion) transaction volume by the end of 2021 it just expanded the piloting in 23 Chinese cities.
  • Still in April, the central bank admitted that the project is facing complications in conditions of usefulness, inclusiveness, innovation, safety, compliance and sustainability, which want to be more researched and addressed.
  • The precise normal transfer quantity could be even decreased if the transaction volumes designed by institutional/company wallets are taken out.

See connected short article:Hong Kong would make apt testbed for e-CNY cross-border use


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