Chinese state media calls for wider e-CNY adoption


Xinhua Information Agency’s affiliate newspaper, Economic Data Every day, Thursday revealed an op ed suggesting measures for the more adoption of the digital yuan.

See linked short article: The digital yuan’s de-dollarization

Quick facts

  • Community governments should really raise their budgets to advertise the pilot, the editorial reported. 
  • Condition-owned entities need to choose the lead in adopting e-CNY, it extra.
  • The op ed also suggests growing the electronic yuan to a lot more retailers, in particular e-commerce platforms, and start extra strategies to promote the CBDC to the general public.
  • The central lender should really get the job done on the rights and responsibilities of the digital yuan although legislation on the task is underway, the op-ed included.
  • China’s CBDC — the electronic yuan, or e-CNY — started off trials in Shenzhen in October 2020 and topped 87.565 billion yuan (US$11.238 billion) transaction volume by the close of 2021 it just expanded the piloting in 23 Chinese towns.
  • But in April, the central lender admitted that the undertaking is facing complications in conditions of advantage, inclusiveness, innovation, security, compliance and sustainability, which need to have to be further more examined and tackled.
  • The genuine ordinary transfer volume could be even reduce if the transaction volumes made by institutional/business enterprise wallets are taken out.

See relevant post:Hong Kong would make apt testbed for e-CNY cross-border use


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