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In a hint of the currency’s unusual nature, recipients have only a few weeks to spend the digital money before it disappears. The design of eCNY borrows only a few minor technical elements from Bitcoin and does not use the so-called blockchain technology, a ledgerlike system, which most cryptocurrencies rely on, officials from the People’s Bank of China have said.
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To spend the money, users can use an eCNY app to scan a retailer’s QR code or produce a QR code that the retailer can scan.
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People invited to the trial through a lottery on WeChat or other apps were able to click on a link and get a balance of 200 electronic yuan, which was sometimes displayed in their bank app over a picture of an old-fashioned Chinese bank note with Mao Zedong’s face. Last year, it began trials of eCNY in the cities of Shenzhen, Suzhou, Xiongan and Chengdu, according to research from Sino Global Capital, a financial investment firm. In 2016, the central bank created a division called the Digital Currency Institute. The development of a national digital currency began in 2014, when the People’s Bank of China set up an internal group to work on one, shortly after Bitcoin gained attention in the country. The People’s Bank of China did not respond to a request for comment. “China has many advantages and opportunities in issuing fiat digital currencies, so it should accelerate to seize the first track.” “The right to issue and control digital currencies will become a ‘new battlefield’ of competition between sovereign states,” read an article in China Finance, the magazine of the central bank, in September. Recent articles and speeches from officials at the People’s Bank of China, which is the country’s central bank, underscored the project’s ambitions and the desire to be first. While the Chinese government has not said if and when it will officially introduce the eCNY nationwide, several officials have mentioned having it ready for tourists visiting for the 2022 Olympics in Beijing. “It’s about developing new tools to collect data and leverage that data so that the Chinese economy is more intelligent and based on real-time information.” “This is about more than just money,” said Yaya Fanusie, a fellow at the Center for a New American Security, a think tank, and an author of a recent paper on the Chinese currency. Its early moves could signal where the rest of the world goes with digital currencies. Yet no major power is as far along as China. Yellen indicated that might change when she said an American digital currency was “absolutely worth looking at” because it “could result in faster, safer and cheaper payments.” At a New York Times event last week, Treasury Secretary Janet L. In contrast, the United States has moved slowly and done just basic research. The countries include Sweden, which is conducting real-world trials of a digital krona, and the Bahamas, which has made a digital currency, the Sand Dollar, available to all citizens. Over the last 12 months, more than 60 countries have experimented with national digital currencies, up from just over 40 a year earlier, according to the Bank for International Settlements.
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These currencies can enable direct handouts of money that expire if not used by a particular date and can make it easier for governments to track financial transactions to stamp out tax evasion and crack down on dissidents. The country’s central bank, which began testing eCNY last year in four cities, recently expanded those trials to bigger cities such as Beijing and Shanghai, according to government presentations.Īnnabelle Huang’s screenshot of the eCNY app.īut while Bitcoin was designed to be decentralized so that no company or government could control it, digital currencies created by central banks give governments more of a financial grip. Huang said of the eCNY experience, though she added that it wasn’t quite as smooth.Ĭhina has charged ahead with a bold effort to remake the way that government-backed money works, rolling out its own digital currency with different qualities than cash or digital deposits.
“The journey of how you pay, it’s very similar” to that of other Chinese payments apps, Ms. Then she pulled up a QR code for the digital currency from inside her bank app, which the store scanned for payment. To spend it, she went to a convenience store near her office and picked out some nuts and yogurt. Huang, 28, a business strategist in Shenzhen, received a digital envelope with 200 electronic Chinese yuan, or eCNY, worth around $30. Annabelle Huang recently won a government lottery to try China’s latest economics experiment: a national digital currency.Īfter joining the lottery through the social media app WeChat, Ms.
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