Caixin
Dec 01, 2020 07:18 PM
FINANCE

In Depth: China’s Digital Currency Ambitions Lead the World

China's central bank digital currency has been tested in three cities so far, Shenzhen, Suzhou and Chengdu.
China's central bank digital currency has been tested in three cities so far, Shenzhen, Suzhou and Chengdu.

While most of the world’s governments are still focused on defeating the novel coronavirus that’s plunged the global economy into its worst slump since the Great Depression of the 1930s, central bankers are gearing up to tackle what could become one of the biggest financial challenges of the next decade — digital currency (数字货币).

The People’s Bank of China (PBOC), which started research on a digital yuan as far back as 2014, is leading the field and is likely to be the first major economy to introduce a sovereign digital currency — it was beaten to the top spot by the Bahamas, whose central bank launched its Sand Dollar in October. The PBOC has already finished building the infrastructure for its Digital Currency Electronic Payment (DCEP) system (数字货币和电子支付工具) and has been carrying out localized testing in cities including Shenzhen and Suzhou although no date has been set for its official launch.

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