China’s digital RMB, the electronic form of its national currency issued by the Chinese mainland’s People’s Bank of China (PBOC), is driving a new era of financial innovation. Since launch, the e-CNY app has opened 225 million personal wallets, facilitating 3.32 billion transactions valued at 14.2 trillion yuan (about $1.9 trillion).
Pilot programs in 26 regions across 17 provinces and cities have expanded use cases from wholesale and retail payments to public services, social governance, and rural revitalization. This breadth forms a comprehensive digital currency ecosystem, offering a glimpse into the future of money in a connected world.
According to Lu Lei, deputy governor of the PBOC, the reform is designed to support the development of China’s digital economy, enhance inclusive finance, and improve the efficiency of monetary and payment systems. The digital RMB establishes a model of currency issuance and operation tailored for a digital-first age.
For young global citizens and business innovators alike, the rise of e-CNY illustrates how data-driven payments can empower communities, streamline cross-border trade, and foster financial inclusion. As digital nomads seek seamless transactions worldwide and entrepreneurs explore emerging markets, China’s digital RMB offers valuable insights into the next chapter of global finance.
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Graphics: Digital RMB powers China's financial transformation
cgtn.com
