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The rapid rise of digital finance and the introduction of Central Bank Digital Currencies (CBDCs) mark a significant transformation in the global financial landscape. As central banks around the world navigate this uncharted digital frontier, they face the dual responsibility of fostering financial innovation while ensuring the stability of monetary systems. This chapter delves into the key stages of digital finance’s evolution, from early electronic payment methods to the cutting-edge development of decentralized finance (DeFi) and CBDCs. A central focus is on the Digital RMB Yuan (e-CNY), China’s state-backed digital currency, which has profound implications for the country’s monetary policy, capital control mechanisms, and geopolitical strategy.

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Navigating the Digital Frontier: Central Bank Digital Currencies on the Example of China’s E-Yuan

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  • 发表日期：

    2025年

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  • Tracy Dathe

摘要

The rapid rise of digital finance and the introduction of Central Bank Digital Currencies (CBDCs) mark a significant transformation in the global financial landscape. As central banks around the world navigate this uncharted digital frontier, they face the dual responsibility of fostering financial innovation while ensuring the stability of monetary systems. This chapter delves into the key stages of digital finance’s evolution, from early electronic payment methods to the cutting-edge development of decentralized finance (DeFi) and CBDCs. A central focus is on the Digital RMB Yuan (e-CNY), China’s state-backed digital currency, which has profound implications for the country’s monetary policy, capital control mechanisms, and geopolitical strategy.