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SCMP Reporters

1. What is China’s sovereign digital currency?
The so-called Digital Currency Electronic Payment (DCEP), has yet to launched in 2020. Learn more

2. Which central bank will launch world’s first digital currency?
China has made rapid progress while other nations are also at various stages of research and development. Learn more

3. Are there data and privacy protection concerns?
China’s central bank is trying to allay privacy worries by promising “controllable anonymity”. Learn more

4. What does China’s SWIFT joint venture mean for its digital currency?
Finance Gateway Information Service was registered in Beijing in February with €10 million (US$12 million) as incorporation capital. Learn more

5. Is China’s digital currency set for launch?
People’s Bank of China governor Yi Gang said “there’s no timetable for an official launch” of China's sovereign digital currency. Learn more

6. Is China’s digital currency a threat to global monetary systems?
Beijing is not seeking to replace existing currencies with its digital yuan, according to former People’s Bank of China governor Zhou Xiaochuan. Learn more

7. What did large-scale test by four state-owned banks mean for China's digital currency?
China’s big four state-owned commercial banks started large-scale internal testing in August. Learn more

8. Have some business owners been reluctant to participate in pilot programmes?
Some businesses in Suzhou were reluctant, but were told, “a merchant but cannot decline payment in e-yuan”. Learn more

9. How much did Shenzhen consumers spend during the largest trial of digital yuan?
Over 47,000 consumers spent 8.8 million yuan (US$1.3 million) during a week-long trial of China’s sovereign digital currency. Learn more

10. Which US food outlets were included in the digital currency tests?
China included McDonald’s, Starbucks, Subway on list of foreign firms to test digital currency. Learn more

11. How much of China’s digital currency was distributed during the second trial in Shenzhen?
A total of 100,000 digital “red packets”, each containing 200 yuan (US$31), were distributed to residents. Learn more



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China digital currency

11 things you may not know about China’s digital currency

Alibaba’s Alipay and Tencent’s WeChat Pay are already popular payment methods in China. Photo: EPA

A number of central banks are at various stages in creating and testing sovereign digital currencies. Image: SCMP Graphics

Mu Changchun, from the People’s Bank of China, says the nation’s digital currency will feature “controllable anonymity’” Photo: Handout

Over 2 billion yuan (US$307 million) has been spent by Chinese consumers using the new digital currency in 4 million transactions with retail shops, restaurants and online in four major test cities in the past year. Photo: Reuters


There is no official timetable for the launch of China’s digital yuan despite various pilot programmes in the cities of Shenzhen, Suzhou, Xiongan and Chengdu. Photo: JD.com


People’s Bank of China chief Yi Gang said China had “basically completed” the top-level design, standard setting, research on functions and integration tests of the digital yuan. Photo: Bloomberg

Zhou Xiaochuan, the former governor of the People’s Bank of China, is an advocate for Beijing’s digital currency plan. Photo: EPA-EFE

China’s digital currency would be a competitor to existing payment services including Alipay and WeChat Pay, which have so far dominated mobile payments in China. Photo: Simon Song


Li Lan, who won a 200-yuan red packet in Suzhou’s e-yuan test, scans a QR code with her smartphone to make a payment at an electronics shop. Photo: Orange Wang

China’s sovereign digital currency is entering an already very crowded payments market in China, with the likes of WeChat Pay and Alipay already dominating the sector. Photo: Reuters

China is planning to replace cash with an official digital currency. Photo: Reuters


China's central bank and the municipal government of Suzhou are helping JD.com, the second largest online retailer in the country, test out the use of digital currency for online shopping. Photo: JD.com

American chains Starbucks, McDonald’s and Subway were named on the People’s Bank of China’s list of firms that will test the digital currency in small transactions with 19 local businesses. Photo: Bloomberg

The People’s Bank of China is bringing its digital-currency lottery back to Shenzhen this week, with US$3.1 million worth of e-yuan to be spread out among 100,000 winners. Photo: Bloomberg

China is leading the world in moving towards adopting a central bank digital currency, and more cities across the country have pilot tests planned for 2021. Photo: Reuters

The digital yuan, known officially as the Digital Currency Electronic Payment (DCEP), is part of China’s plan to move towards a cashless society. Photo: Bloomberg

China digital currency to ‘provide backup’ for Alipay, Tencent’s WeChat Pay if ‘something happens’ to internet giants

China, already the world leader in digital payments, is aiming to be the first major economy to introduce a central bank digital currency. Photo: JD.com

China, already the world leader in digital payments, is aiming to be the first major economy to introduce a central bank digital currency. Photo: Reuters

China digital currency: US ‘worried’ as it falls ‘behind the curve’ in race for financial technology innovation

The US dollar currently accounts for 60 per cent of global foreign exchange reserves, well above the yuan’s 4 per cent, according to the International Monetary Fund. Photo: Shutterstock

Over 2 billion yuan (US$307 million) has been spent by Chinese consumers using the new digital currency in 4 million transactions with retail shops, restaurants and online in four major test cities in the past year. Photo: Reuters

Japan wants G7 finance chiefs to ‘thrash out’ digital currency policy at talks as China trials continue

China’s central bank, the People’s Bank of China, has been holding trials of its digital currency in specific areas since last year. Photo: Shutterstock Images

Japanese Finance Minister Taro Aso (left) with Prime Minister Yoshihide Suga. Photo: Kyodo

China digital currency: Beijing, Suzhou confirm latest trials as e-yuan tests top 100 million yuan

The digital yuan, known officially as the Digital Currency Electronic Payment (DCEP), is part of China’s plan to move towards a cashless society. Photo: Orange Wang

Coronavirus highlights ‘urgent’ need for China’s digital currency, says state-owned bank

The People’s Bank of China is reportedly aiming to release the e-yuan before the start of the Winter Olympics in 2022. Photo: JD.com

The People’s Bank of China is reportedly aiming to release the e-yuan before the start of the Winter Olympics in 2022. Photo: EPA-EFE

Economy

China Economy

Knowledge

Topics

China's digital currency

Explainers

China was the first major economy to begin exploring its own digital currency in 2014, though it is yet to launch the proposed digital yuan
Unlike cryptocurrencies such as bitcoin, which are not centrally controlled, China’s “sovereign” digital coin would fall under the authority of the People’s Bank of China


China was the first major economy to begin exploring its own digital currency in 2014, though it is yet to launch the proposed digital yuan, which would fall under the authority of the People’s Bank of China.
