What is China's 'cryptocurrency'?

Compared with decentralized cryptocurrencies such as Bitcoin, China’s “cryptocurrency” is an altogether different type of digital asset: a central bank digital currency, or CBDC for short.

Is China's digital currency the opposite of bitcoin?

Experts say China's Digital Currency Electronic Payment is the opposite of Bitcoin as it is about control and regulation Beijing has been trialling the central bank-backed digital currency since last year, and has offered incentives to users The tense questioning centred on Facebook's plan to create a new digital currency called Libra.

What is China's digital currency electronic payment?

China has one of the most advanced digital payment systems in the world and their use is widespread Experts say China's Digital Currency Electronic Payment is the opposite of Bitcoin as it is about control and regulation Beijing has been trialling the central bank-backed digital currency since last year, and has offered incentives to users

What is China's E-CNY wallet?

China's central bank, the People's Bank of China (PBOC), has been planning to roll out the digital currency before the Beijing Winter Olympic Games scheduled for February 2022 when "foreign residents temporarily traveling in China can open an e-CNY wallet to meet daily payment needs without opening a domestic bank account."