The Application of Blockchain Technology in E-CNY in China
Haomin Feng · Advances in economics, business and management research/Advances in Economics, Business and Management Research · 2023
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 largescale 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.