Digital yuan debuts at China's import expo

Source: Xinhua| 2021-11-08 00:22:14|Editor: huaxia

China's digital fiat currency, or the e-CNY, is being used at restaurants, booths, and vending machines for the first time at the China International Import Expo (CIIE).

The CIIE, now in its fourth edition, has attracted nearly 3,000 companies from 127 countries and regions. Representatives of these businesses and other attendees of the fair can use digital yuan when paying for food or buying souvenirs at the fair.

The Bank of China has set up six booths at the venue of CIIE to help those in need to apply for a digital yuan wallet, and around 60 to 80 people went to each booth for help every day, said Chu Yifeng, an employee of the bank.

At the souvenir store of the National Exhibition and Convention Center (Shanghai), where the CIIE is being held, consumers can get a "30 off 50" discount when paying with the e-CNY.

Discounts are also offered at restaurants including Pizza Hut and KFC.

E-CNY is the digital version of fiat currency issued by the People's Bank of China (PBOC) and operated by authorized operators. It is a value-based, quasi-account-based and account-based hybrid payment instrument, with legal tender status and loosely-coupled account linkage.

The development of the e-CNY system aims to create a new form of RMB that meets the public demand for cash in the digital economy era.

The PBOC began its e-CNY research and development project at the end of 2017.

As of June 30, 2021, the e-CNY has been applied to over 1.32 million scenarios, covering utility payments, catering services, transportation, shopping and government services.