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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

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