China Meets Digital Currency: E-CNY and Its Implications for Businesses

The Law Gazette (November 2021 issue, Forthcoming)

UNSW Law Research Paper No. 21-77

15 Pages Posted: 18 Nov 2021 Last revised: 10 Mar 2022

See all articles by Heng Wang

Heng Wang

University of New South Wales (UNSW) - Faculty of Law & Justice

Date Written: November 12, 2021

Abstract

China is likely to be the first major economy to issue central bank digital currency (CBDC). China’s CBDC, e-CNY, may lead to a new ecosystem that would profoundly affect business, product offerings and business practice. E-CNY is likely to affect both local and international businesses, particularly those with a presence in China or those who commonly transact with Chinese actors. There is also the possibility of e-CNY use outside of China. If China’s CBDC practice and standards affect international practice (such as through standard making), e-CNY has the potential to affect the broader businesses community. This paper discusses the following crucial questions: how to understand e-CNY? What does e-CNY mean for local and international businesses? Businesses need to adequately prepare for a new business landscape with e-CNY that is not only a currency but also generates large amounts of data.

Keywords: CBDC, e-CNY, DCEP, digital currency, businesses

Suggested Citation

Wang, Heng, China Meets Digital Currency: E-CNY and Its Implications for Businesses (November 12, 2021). The Law Gazette (November 2021 issue, Forthcoming), UNSW Law Research Paper No. 21-77, Available at SSRN: https://ssrn.com/abstract=3962555

Heng Wang (Contact Author)

University of New South Wales (UNSW) - Faculty of Law & Justice ( email )

Kensington, New South Wales 2052
Australia
+61 2 9385 9472 (Phone)

HOME PAGE: http://www.law.unsw.edu.au/profile/heng-wang

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
291
Abstract Views
728
rank
154,158
PlumX Metrics