Decoding the rise of Central Bank Digital Currency in China: designs, problems, and prospects

During the Covid-19 pandemic, there has been a rapid shift in global transaction patterns from offline to online digital payment models, along with growing interest development of Central Bank Digital Currencies (CBDCs) various countries. This article spotlights unexamined issue currency regulation by examining practice and related regulatory rules pilot CBDC China. Beginning design choices currencies, comparatively examines technical China’s CBDC, known as e-CNY. It further triggers rethinking conventional regulations for protection information investigating gap between actual operation e-CNY, well policies legal provisions such Cybersecurity Law, Data Security Personal Information Protection Law. argues that, on one hand, legislative balance personal illicit financial activities involved “loosely coupled account link” system e-CNY should be reconsidered. On other delineation rights responsibilities dissemination institutions, service providers, end-users needs redefined clarified.