Discover the cryptocurrency used in China, its significance, and how it fits into the country’s digital economy. Learn more about China’s official digital currency, the digital yuan (e-CNY).

China’s cryptocurrency, officially known as the Digital Yuan or e-CNY, is a central bank digital currency (CBDC) issued by the People’s Bank of China (PBOC). Unlike decentralized cryptocurrencies like Bitcoin, the e-CNY is fully controlled and regulated by the Chinese government.

Launched in pilot programs in 2020, the digital yuan aims to modernize the country’s financial system, reduce reliance on cash, and enhance monetary policy effectiveness. It operates on a centralized ledger system, ensuring government oversight while enabling cashless transactions across various platforms.

With ongoing trials in major cities and digital wallets provided by state-owned banks, the e-CNY is positioned as a futuristic alternative to traditional currency rather than a competitor to decentralized cryptocurrencies. It’s a prime example of how China leverages blockchain technology to support its centralized economic strategy.