Sign In
Learn bits
World Affairs
Pradeep Kumar

04/04/21 12:00 PM IST

Digital currency in China

In news

China in February launched the latest round of pilot trials of its new digital currency, with reported plans of a major roll-out by the end of the year and ahead of the Winter Olympics in Beijing in February 2022.

Digital Currency of China
  • Digital Currency Electronic Payment (DCEP), the digital RMB (or Renminbi, China’s currency) is, as its name suggests, a digital version of China’s currency.
  • It can be downloaded and exchanged via an application authorised by the People’s Bank of China (PBOC), China’s central bank.
  • The Digital RMB does not involve a third party, this is legal tender guaranteed by the central bank, not a payment guaranteed by a third-party operator.
  • Unlike e-wallets, the digital currency does not require Internet connectivity. The payment is made through Near-field Communication (NFC) technology.
  • Unlike non-bank payment platforms that require users to link bank accounts, this can be opened with a personal identification number.
Objective

To maintain financial stability should ‘something happen’ to Alipay and WeChat Pay

Source: The Hindu

More Related Current Affairs View All

17 Jan

Groundwater contamination in India

'Of the 15,239 groundwater samples collected from across the country for testing, 19.8% samples had nitrates — nitrogenous compounds — above safe limits though it must

Read More

17 Jan

Draft data protection rules

'The Ministry of Electronics and Information Technology on January 3, 2025, released the the draft rules for implementing the Digital Personal Data Protection (DPDP) Act, 2023 &mda

Read More

16 Jan

INS Surat, INS Nilgiri and INS Vaghsheer commissioned

'PM Modi dedicated three frontline naval combatants to the nation on their commissioning.' The naval combatants – INS Surat, INS Nilgiri and INS Vaghsheer --were commissio

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps