July 18, 2024


Step Into The Technology

Chinese state media calls for wider e-CNY adoption

1 min read


Xinhua Information Agency’s affiliate newspaper, Financial Information Every day, Thursday released an op ed suggesting steps for the even further adoption of the electronic yuan.

See associated write-up: The digital yuan’s de-dollarization

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  • Nearby governments must increase their budgets to promote the pilot, the editorial said. 
  • Point out-owned entities should choose the direct in adopting e-CNY, it added.
  • The op ed also indicates increasing the electronic yuan to extra retailers, specifically e-commerce platforms, and start much more strategies to market the CBDC to the general public.
  • The central lender should really work on the rights and obligations of the electronic yuan whilst legislation on the undertaking is underway, the op-ed included.
  • China’s CBDC — the digital yuan, or e-CNY — commenced trials in Shenzhen in Oct 2020 and topped 87.565 billion yuan (US$11.238 billion) transaction quantity by the close of 2021 it just expanded the piloting in 23 Chinese cities.
  • Nevertheless in April, the central lender admitted that the challenge is experiencing complications in terms of advantage, inclusiveness, innovation, protection, compliance and sustainability, which need to be further more examined and tackled.
  • The actual ordinary transfer volume could be even lower if the transaction volumes built by institutional/enterprise wallets are taken out.

See associated posting:Hong Kong would make apt testbed for e-CNY cross-border use


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