Publication Type

Magazine Article

Version

acceptedVersion

Publication Date

11-2021

Abstract

China is likely to be the first major economy to issue central bank digital currency (CBDC). China’s CBDC, e-CNY, may lead to a new ecosystem that would profoundly affect business, product offerings and business practice. E-CNY is likely to affect both local and international businesses, particularly those with a presence in China or those who commonly transact with Chinese actors. There is also the possibility of e-CNY use outside of China. If China’s CBDC practice and standards affect international practice (such as through standard making), e-CNY has the potential to affect the broader businesses community. This article discusses the following crucial questions: how to understand e-CNY? What does e-CNY mean for local and international businesses? Businesses need to adequately prepare for a new business landscape with e-CNY that is not only a currency but also generates large amounts of data.

Keywords

CBDC, central bank digital currency, e-CNY, DCEP, digital currency, businesses, China

Discipline

Asian Studies | Banking and Finance Law | E-Commerce

Research Areas

Public International Law, Regional and Trade Law

Publication

Singapore Law Gazette

Volume

[2021]

ISSN

1019-942X

Publisher

LexisNexis Asia Pacific

Copyright Owner and License

Authors

Additional URL

https://lawgazette.com.sg/feature/china-meets-digital-currency-e-cny-and-its-implications-for-businesses/

Download

Share

COinS