The Digital Currency of China's Central Bank: Digital Currency Electronic Payment(DCEP)
DCEP is the Chinese version of Central Bank Digital Currency (CBDC). It is the only legal digital currency in China and meets four conditions: (a) it is issued by the central bank; (b) it is digitized; (c) it is account and wallet based; (d) it is oriented towards the general public. As a retail c...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Editorial Department of Contemporary Social Sciences
2021-07-01
|
| Series: | Contemporary Social Sciences |
| Subjects: | |
| Online Access: | https://css.researchcommons.org/journal/vol2021/iss4/1 |
| _version_ | 1797900394465067008 |
|---|---|
| author | Chen Gengxuan, Jia Qinmin, Ling Hao, and Liu Yuyang |
| author_facet | Chen Gengxuan, Jia Qinmin, Ling Hao, and Liu Yuyang |
| author_sort | Chen Gengxuan, Jia Qinmin, Ling Hao, and Liu Yuyang |
| collection | DOAJ |
| description | DCEP is the Chinese version of Central Bank Digital Currency (CBDC). It is the only legal digital currency in
China and meets four conditions: (a) it is issued by the central bank; (b) it is digitized; (c) it is account and wallet
based; (d) it is oriented towards the general public. As a retail central bank digital currency, it has three main
technical features: a “tiered limit arrangement” (small-scale payments can be made anonymously while largescale payments cannot), a “two-tier operating system” (as with the central bank-commercial bank traditional
model), and a “dual offline payment system” (supporting both parties of the transaction). Compared with
CBDCs in other countries, China’s DCEP has smaller economic impacts, more obscure strategic goals, and
more scarce technical details. But its progress in testing is ahead of central banks of other countries. This article
is based on public information and is intended to explain what DCEP is and why and how it was developed. It
also offers suggestions for future research. |
| first_indexed | 2024-04-10T08:45:19Z |
| format | Article |
| id | doaj.art-edf7dd4a97fa4ebda646dece0966d42f |
| institution | Directory Open Access Journal |
| issn | 2096-0212 |
| language | English |
| last_indexed | 2024-04-10T08:45:19Z |
| publishDate | 2021-07-01 |
| publisher | Editorial Department of Contemporary Social Sciences |
| record_format | Article |
| series | Contemporary Social Sciences |
| spelling | doaj.art-edf7dd4a97fa4ebda646dece0966d42f2023-02-22T10:50:37ZengEditorial Department of Contemporary Social SciencesContemporary Social Sciences2096-02122021-07-0110.19873/j.cnki.2096-0212.2021.04.001The Digital Currency of China's Central Bank: Digital Currency Electronic Payment(DCEP)Chen Gengxuan, Jia Qinmin, Ling Hao, and Liu Yuyang0Sichuan Academy of Social Sciences ；Southwestern University of Finance and Economics；The Chinese University of Hong Kong DCEP is the Chinese version of Central Bank Digital Currency (CBDC). It is the only legal digital currency in China and meets four conditions: (a) it is issued by the central bank; (b) it is digitized; (c) it is account and wallet based; (d) it is oriented towards the general public. As a retail central bank digital currency, it has three main technical features: a “tiered limit arrangement” (small-scale payments can be made anonymously while largescale payments cannot), a “two-tier operating system” (as with the central bank-commercial bank traditional model), and a “dual offline payment system” (supporting both parties of the transaction). Compared with CBDCs in other countries, China’s DCEP has smaller economic impacts, more obscure strategic goals, and more scarce technical details. But its progress in testing is ahead of central banks of other countries. This article is based on public information and is intended to explain what DCEP is and why and how it was developed. It also offers suggestions for future research.https://css.researchcommons.org/journal/vol2021/iss4/1central bank digital currency (cbdc)digital currency electronic payment (dcep)technology characteristicsresearch prospects |
| spellingShingle | Chen Gengxuan, Jia Qinmin, Ling Hao, and Liu Yuyang The Digital Currency of China's Central Bank: Digital Currency Electronic Payment(DCEP) Contemporary Social Sciences central bank digital currency (cbdc) digital currency electronic payment (dcep) technology characteristics research prospects |
| title | The Digital Currency of China's Central Bank: Digital Currency Electronic Payment(DCEP) |
| title_full | The Digital Currency of China's Central Bank: Digital Currency Electronic Payment(DCEP) |
| title_fullStr | The Digital Currency of China's Central Bank: Digital Currency Electronic Payment(DCEP) |
| title_full_unstemmed | The Digital Currency of China's Central Bank: Digital Currency Electronic Payment(DCEP) |
| title_short | The Digital Currency of China's Central Bank: Digital Currency Electronic Payment(DCEP) |
| title_sort | digital currency of china s central bank digital currency electronic payment dcep |
| topic | central bank digital currency (cbdc) digital currency electronic payment (dcep) technology characteristics research prospects |
| url | https://css.researchcommons.org/journal/vol2021/iss4/1 |
| work_keys_str_mv | AT chengengxuanjiaqinminlinghaoandliuyuyang thedigitalcurrencyofchinascentralbankdigitalcurrencyelectronicpaymentdcep AT chengengxuanjiaqinminlinghaoandliuyuyang digitalcurrencyofchinascentralbankdigitalcurrencyelectronicpaymentdcep |