digital yuan

The digital yuan is China’s central bank digital currency (CBDC), officially known as the Digital Currency Electronic Payment (DCEP). It is issued by the People’s Bank of China (PBOC) and is designed to function as a digital version of the country’s physical currency, the renminbi (RMB). The digital yuan aims to enhance payment efficiency, reduce dependence on cash, and provide the central bank with greater oversight of financial transactions within a regulated framework.