The digital yuan, known officially as the Digital Currency Electronic Payment (DCEP), is part of China’s plan to move towards a cashless society. Unlike bitcoin and other cryptocurrencies, the DCEP is issued and backed by the country’s central bank, the People’s Bank of China (PBOC), and is designed as a digital version of the nation’s currency.
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China’s Shenzhen giving away millions in sovereign digital yuan to test technology and boost consumption
“A back-of-the-envelope calculation would suggest that this 10-million-yuan programme will generate at least 50 million yuan in total demand,” Wang said.
