Chinese Digital Currency Stocks Surge Amid New Efforts to Promote e-CNY
The People's Bank of China has been working on digital currency since 2014.
The e-CNY is designed to replace cash and coins already in circulation.
The digital currency has been piloted via lotteries, and tens of millions of digital yuan have been handed out to citizens in a handful of cities in China.
Bank of China and China Construction Bank, have participated in the pilot, settling the CBDCs on behalf of their corporate clients.