Download pdf
The Current Status of Digital Currency Development in China
- 1 Xinjiang University,Shengli Road,Urumqi,China
* Author to whom correspondence should be addressed.
Abstract
Digital currencies, as innovative products in the field of financial technology, are characterized by their decentralized structure and strong encryption based on blockchain and other technologies. Although your mention of ‘relying on local area networks’ may be a bit of a misnomer in the broad sense, as the operation of digital currencies relies more broadly on the Internet rather than a single local area network, the concepts of digital encryption and decentralization it emphasizes are accurate. Legal digital currencies, such as the Digital Currency Electronic Payment (DCEP) issued by the People's Bank of China, represent a milestone in this field. They not only integrate the security and transparency of blockchain technology but also achieve a perfect combination of controllable anonymity and legal tender status through the deep integration of the generalized account system with the banking system. The issuance of DCEP marks an important step forward for China in the field of digital currencies and is expected to have a profound impact on the financial market, promoting the modernization and upgrading of the payment system, enhancing transaction efficiency and security, and at the same time, providing the public with more convenient and secure payment options, further integrating into and changing people's daily lifestyles.
Keywords
digital currency, current status, countermeasures, impact.
[1]. Fan Yifei. Theoretical Basis and Structure Selection of China's fiat digital currency [J]. China Finance,2016,(17):10-12.
[2]. Yuan Bingji. The Impact of digital currency model on money supply and demand: A case study of Central Bank DCEP and Libra [J]. Journal of Shandong Normal University (Natural Science Edition), 201,36(01):75-81.
[3]. Long Jing. The impact of fiat digital currency on China's commercial banks [J]. Modern Economic Information,2019,(22):252+254.
[4]. Bin Jiancheng, Lei Dikai. The Impact and Countermeasures of Digital Currency Issuance on the Development of China's Financial Industry [J]. Hunan Tribune, 2017, 30(03): 98-102. DOI:
[5]. Leslie M. Will Cryptocurrencies disrupt Energy Storage [J].Engineering,20,6(05):19-23.
Cite this article
Li,Y. (2024). The Current Status of Digital Currency Development in China. Advances in Economics, Management and Political Sciences,117,6-12.
Data availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
Disclaimer/Publisher's Note
The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of EWA Publishing and/or the editor(s). EWA Publishing and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.
About volume
Volume title: Proceedings of the 3rd International Conference on Financial Technology and Business Analysis
© 2024 by the author(s). Licensee EWA Publishing, Oxford, UK. This article is an open access article distributed under the terms and
conditions of the Creative Commons Attribution (CC BY) license. Authors who
publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons
Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this
series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published
version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial
publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and
during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See
Open access policy for details).