Central Bank of China Publishes Digital Yuan White Paper For The First Time

The People's Bank of China (PBoC) has published a white paper for the country's central bank digital currency for the first time. It is another step towards its official implementation.

On Friday, the PBoC published a white paper for its digital yuan project, dubbed e-CNY, which confirms that digital fiat currency is designed to be programmed using smart contract features. However, the PBoC has not set any specific roadmap or timeline for an official launch.

The white paper explains the background, features and progress of the 2014 e-CNY initiative. According to the document, part of the broader context that pushed China to research and develop e-CNY was the emergence of cryptocurrencies, the risks and challenges they brought to the existing financial system.

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