E-CNY not to take place of dollar, says expert

BEIJING: China’s e-CNY, also known as the digital yuan, is designed for retail transactions for the convenience of people and merchants, rather than to replace the United States dollar, says Zhou Xiaochuan, president of the China Society for Finance and Banking.

“The People’s Bank of China (PBoC) stressed that it conducted research and development of the e-CNY as a substitute for cash in circulation, showing that the PBoC expects the use of the e-CNY to be primarily focused on retail payments.