In July 2021, the People’s Bank of China, China’s central bank, released the Progress of Research & Development of e-CNY in China, a white paper which comprehensively describes China’s digital currency – the e-CNY. As of June 30, 2021, the e-CNY has been applied in over 1.32 million scenarios, covering utility payments, catering services, transportation, shopping, and government services. More than 20.87 million personal wallets and over 3.51 million corporate wallets had been opened, with a transaction volume totaling 70.75 million and transaction value approximating 34.5 billion (US$5.3b). Financial analysts said that online payment has been an advantage of commercial banks, but in recent years they were overshadowed by internet companies. The e-CNY is likely to spark a transformation in the retail payment scenario, and the relationship between banks, payment institutions, internet platforms and customers will be restructured, proving to be the largest commercial opportunity for the financial sector.
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