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Digital Currency Performance Reports Disclosed by Western Central Banks: Development Trend and Inspirations for China (No.115, 2021)

Jul 15,2021

By Jia Lukui, Information Center, DRC

Research Report, No.115, 2021 (Total 6180) 2021-5-11

Abstract: Economic operation highly relies on a safe, stable and effective payment system. The field of payment clearance has become the most active part of scientific and technological innovation and application in financial system. E-payment and mobile payment have not only greatly improved transaction convenience, but also profoundly changed the behavior pattern of economic activities. In the past few years, digital currency has rapidly turned from theory into reality. More and more monetary authorities maintain that the issuance of digital currency by central banks is an inevitable trend of future development, and digital currency projects launched by central banks in major economies have increased in a swift manner. From October 2020 to March 2021, major central banks and relevant institutions of Western countries including the U.S., Europe, the UK and Japan disclosed relevant reports on digital currency performance. A review of the development trend and main characteristics of digital currency of overseas central banks is conducive for us to have a clear understanding of the development trend of central banks’ digital currency across the board and provide related reference for the promotion of China’s digital RMB projects.

Keywords: central bank, digital currency, digital RMB