{"title":"Developments and Implications of Central Bank Digital Currency: The Case of China e-CNY","authors":"Jianguo Xu","doi":"10.1111/aepr.12396","DOIUrl":null,"url":null,"abstract":"<p>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.</p>","PeriodicalId":45430,"journal":{"name":"Asian Economic Policy Review","volume":"17 2","pages":"235-250"},"PeriodicalIF":4.5000,"publicationDate":"2022-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"14","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asian Economic Policy Review","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/aepr.12396","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 14
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.
期刊介绍：
The goal of the Asian Economic Policy Review is to become an intellectual voice on the current issues of international economics and economic policy, based on comprehensive and in-depth analyses, with a primary focus on Asia. Emphasis is placed on identifying key issues at the time - spanning international trade, international finance, the environment, energy, the integration of regional economies and other issues - in order to furnish ideas and proposals to contribute positively to the policy debate in the region.
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