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The Application of Blockchain Technology in E-CNY in China

In: Proceedings of the 2023 International Conference on Finance, Trade and Business Management (FTBM 2023)

Author

Listed:
  • Haomin Feng

    (The Chinese University of Hong Kong (Shenzhen), School of Data Science)

Abstract

Following the development of modern information and computer technology, different countries and industries are looking for innovative and groundbreaking technical breakthroughs. As a big country in the world, China is trying to use blockchain technology to revolutionize currency policy. This article introduces the origin of blockchain technology and how do Chinese government use it. The article focused on the new digital currency called e-CNY. Analysis of the applications, existing problems and challenges and advantages. Predict the future and make some suggestions for e-CNY. Though the Chinese government has put a great deal of effort into e-CNY, this digital currency needs to improve in many different areas. E-CNY is facing challenges from electronic payment platforms since e-CNY is not as convenient as them. The technology is not perfect yet and is hard to publish a more general policy to cover all areas of daily life. Those problems, the Chinese government can find solutions for them. E-CNY is a large-scale application of blockchain technology in the second-largest economy. This is of great significance to the development and application of information technology around the world.

Suggested Citation

  • Haomin Feng, 2023. "The Application of Blockchain Technology in E-CNY in China," Advances in Economics, Business and Management Research, in: Amalendu Bhunia & Rubi Binti Ahmad & Yifeng Zhu (ed.), Proceedings of the 2023 International Conference on Finance, Trade and Business Management (FTBM 2023), pages 479-486, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-298-9_52
    DOI: 10.2991/978-94-6463-298-9_52
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