The Digital Currency Electronic Payment (DCEP) is a project initiated by China's central bank, the People's Bank of China (PBOC), which began research in 2014. It is a state-controlled, centralized digital currency aiming to replace a portion of the physical cash in circulation (M0) and enhance the efficiency of the country's payment systems. Unlike decentralized cryptocurrencies like Bitcoin, the e-CNY is a direct liability of the central bank, maintaining the same value as physical yuan. The system is being rolled out through a two-tier structure, where the PBOC issues the e-CNY to authorized commercial banks and other operators, who then distribute it to the public. It is currently in advanced pilot stages across numerous major Chinese cities and was featured prominently during the 2022 Beijing Winter Olympics.

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