Digital renminbi
Digital renminbi (Chinese: 数字人民币; also abbreviated as digital RMB and e-CNY), or Digital Currency Electronic Payment (DCEP, Chinese: 数字货币电子支付; pinyin: Shùzì huòbì diànzǐ zhīfù), is a central bank digital currency issued by China's central bank, the People's Bank of China. It is the first digital currency to be issued by a major economy, undergoing public testing as of April 2021. The digital RMB is legal tender and has equivalent value with other forms of renminbi, also known as the Chinese yuan (CNY), such as bills and coins.
e-CNY | |
|---|---|
Digital Renminbi / e Yuan Sign | |
| ISO 4217 | |
| Code | CNY (numeric: 156) |
| Subunit | 0.01 |
| Unit | |
| Unit | yuán (元 / 圆) |
| Plural | The language(s) of this currency do(es) not have a morphological plural distinction. |
| Symbol | or e¥ / ¥ |
| Denominations | |
| Subunit | |
| 1⁄10 | jiǎo (角) |
| 1⁄100 | fēn (分) |
| Demographics | |
| Date of introduction | 14 August 2020 |
| Official user(s) | People's Republic of China (Mainland China) Shenzhen, Suzhou, Xiong'an, Chengdu, Beijing, Zhangjiakou, Shanghai, Hainan, Changsha, Xi'an, Qingdao, Dalian, Fuzhou, Xiamen, Guangzhou, Tianjin, Chongqing, Hangzhou, Ningbo, Wenzhou, Huzhou, Shaoxing, Jinhua, Jinan, Nanning, Kunming, Fangchenggang, Xishuangbanna |
| Unofficial user(s) | Hong Kong Macau (pilot test) |
| Issuance | |
| Central bank | People's Bank of China |
| Website | www |
| Printer | People's Bank of China Digital Currency Research Institute |
| Website | www.ecny.pbcdci.cn |
| Valuation | |
| Inflation | 2.5% (2017) |
| Pegged with | Chinese renminbi (at par) |
| Value | 1 USD = 7.171 eCNY 1 EUR = 6.960 eCNY 1 CNY = 1.000 eCNY 1 GBP = 7.946 eCNY (12 October 2022) |
The digital yuan is designed to move instantaneously in both domestic and international transactions. It aims to be cheaper and faster than existing financial transactions. The technology enables transactions to take place between two offline devices.
The digital renminbi is seen by some commentators as a form of Chinese government surveillance and control over users and their financial transactions.