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

21 Sep

India Achieves Tier 1 Status in Global Cybersecurity Index 2024

' India has secured Tier 1 status in the Global Cybersecurity Index (GCI) 2024, published by the International Telecommunication Union (ITU).' The GCI is a comprehensive assessm

Read More

21 Sep

A new White Revolution

'Operation Flood, launched in 1970, ushered in the White Revolution and transformed the dairy sector in India.' Dairy cooperatives procured 660 lakh kg of milk per day in 2023-2

Read More

21 Sep

Changes in Canada’s international work permit system

'Canadian Prime Minister Justin Trudeau announced changes to the country’s international work permit system, aiming to reduce the number of immigrant workers in Canada.'

Read More

India’s First Ai-Driven Magazine Generator

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