The working group involved with the research and development of the digital yuan for the People’s Bank of China (PBOC) has published a paper describing the digital currency’s progress. The PBOC initiated a task force dedicated to the creation of a digital yuan in 2014, and the recently published document is the project’s first white paper released in seven years.
China’s Digital Yuan Is No Different Than Physical RMB
After the creation of Bitcoin and a few years after the cryptocurrency economy started getting recognized, the PBOC was one of the first central banks to introduce the idea of creating a central bank digital currency (CBDC). China’s central bank has recently allowed the digital currency working group to publish a white paper that details the CBDC’s current progress.
The white paper titled “Progress of Research & Development of E-CNY in China” notes that over the course of history, “the form of currency has evolved.” The PBOC’s digital currency working