Entity: E-CNY
E-CNY, short for electronic Chinese Yuan, is a central bank digital currency (CBDC) developed by the People's Bank of China. It was launched in the early 2020s and aims to provide a digital alternative to physical cash. Pilot programs for e-CNY began in cities like Shenzhen, Suzhou, and Chengdu, with plans for wider integration by 2023.
E-CNY
Etymology
E-CNY stands for electronic Chinese Yuan, a digital currency developed by the People's Bank of China.
Definition
E-CNY refers to the digital renminbi, also known as the digital yuan, developed by the People's Bank of China as a central bank digital currency.
Historical Context
In the early 2020s, China launched the e-CNY as a central bank digital currency. Pilot programs were initiated in cities such as Shenzhen, Suzhou, and Chengdu to test its functionality and usability.
Cultural Significance
E-CNY represents China's move towards a cashless society and the adoption of digital payment systems. It aims to provide a secure and efficient means of conducting transactions in the digital age.
Related Concepts
E-CNY is related to other central bank digital currencies (CBDCs) being developed by various countries around the world. It is also connected to the broader trend of digitalization in the financial sector.
See Also
E-CNY refers to the digital renminbi, also known as the digital yuan, developed by the People's Bank of China as a central bank digital currency.