![]() dollar’s leading position in global commerce. Chinas sovereign digital currency, known as e-CNY, is on track to achieve greater exposure in more cities across the mainland, as leading domestic mobile. Analysts expect the e-CNY digital currency, once it is officially launched, will greatly expand the RMB’s influence in regional trade as well as eventually, around the world as it challenges the U.S. In development for over six years by the People’s Bank of China, the DCEP project is creating a new digital form of China’s money supply. Chinas digital currency, e-CNY, will co-exist with Alipay and WeChat Pay, a Chinese central bank official said. As a result of China’s progress toward a sovereign digital currency, many countries are now in a race to develop their own CBDC as well. The new digital yuan - now officially known as e-CNY, or digital CNY - is the fruit of China’s ambitious DCEP (Digital Currency, Electronic Payment) project, a Chinese central bank digital currency (CBDC) that many countries, especially China’s rivals, are watching with foreboding and fear. Last month, China staged a similar US$1.5 million giveaway in Suzhou, following a smaller test in Shenzhen. The latest test in the tech metropolis of Shenzhen means China - aside from earlier trials involving large banks - has now tested out its new digital yuan on 250,000 shoppers and restaurant-goers in two megacities. WeChat Pay, operated by Tencent Holdings, last month set up a similar e-CNY wallet function on its app, about three months after it adopted digital yuan as a payment option.
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