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The e-CNY has the same valuation as the RMB. As such, it is not a decentralized currency, and it also does not operate on the blockchain. The e-CNY is a type of Central Bank Digital Currency (CBDC) and is issued by the People’s Bank of China (PBOC). The e-CNY forms part of the monetary base (M0) of the country, which means the digital currency makes up a portion of the ‘cash’ that is in circulation. It is designed mainly to be used for high-frequency, small-scale retail purchases and transactions. It is issued by China’s central bank, the People’s Bank of China (PBOC). The e-CNY, also known as the digital yuan and officially called the Digital Currency Electronic Payment (DC/EP), is a digitized version of China’s legal currency, the renminbi (RMB). ![]() The digital yuan app is currently only available on Chinese app stores and only available in Chinese.īelow we answer some frequently asked questions about the e-CNY and the Chinese government’s intentions with the roll-out of the digital currency. This allows users of Alibaba’s food delivery app ele.me, grocery delivery app Hema Fresh, and e-commerce platforms Taobao and Tmall to pay for orders using the e-CNY – even though the digital currency is a direct competitor to Alibaba’s payment platform, Alipay. In May 2021 it was also announced that the e-CNY would be integrated into Alibaba’s services ecosystem.
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