flix on Nostr: Some info on the e-CNY, China's #CBDC 1. How many users? As of 2023, the e-CNY had ...
Some info on the e-CNY, China's #CBDC
1. How many users?
As of 2023, the e-CNY had hundreds of millions of users, with significant growth in recent years. The exact number is not publicly disclosed.
2. What tech stack does it use?
The e-CNY is primarily based on Distributed Ledger Technology (DLT), but it's not a blockchain in the traditional sense. It uses a centralized control model, where the People's Bank of China (PBOC) maintains the ledger.
3. What companies are developing it?
The e-CNY is primarily developed by the PBOC. However, several commercial banks and technology companies are involved in its implementation and promotion.
4. How much privacy does it have?
The e-CNY offers a certain level of privacy, as transactions are not directly linked to personal identities. However, the PBOC has access to transaction data and can potentially track usage patterns.
5. How much transparency?
The PBOC provides some transparency regarding the e-CNY's development and usage. However, certain aspects, such as the exact issuance amount and detailed technical specifications, remain confidential.
6. Is the issuance amount known? How much is there?
The PBOC has not disclosed the exact issuance amount of the e-CNY. However, it has announced plans for gradual increases as the currency gains wider adoption.
7. How do people access it? What apps do people use it with?
People can access the e-CNY through various digital wallets, including those provided by commercial banks and government-backed platforms. Popular apps include My e-CNY, China Construction Bank's e-CNY Wallet, and WeChat Pay and Alipay.
8. Is it convertible to normal CNY?
Yes, the e-CNY is fully convertible to the Chinese Yuan (CNY). It has the same value as physical cash.
9. Are there exchanges to buy/sell e-CNY?
Not at this time. The e-CNY is primarily intended for domestic use and is not freely traded on international exchanges.
Where can you pay with it?
10. The e-CNY can be used for various payments, including retail purchases, public transportation, government services, and online transactions. Acceptance is widespread in China.
11. Is it online only? Or also physical shops?
The e-CNY can be used both online and in physical stores. Many merchants accept e-CNY payments.
12. Are salaries paid in e-CNY?
While some companies may offer the option of e-CNY salaries, it's not yet a widespread practice.
13. Did the govt use incentives to promote adoption?
Yes, the Chinese government has implemented various incentives to encourage the adoption of the e-CNY, such as discounts and rewards for early users.
14. How does it compare to paying in Bitcoin?
The e-CNY is fundamentally different from Bitcoin. It is a centralized digital currency issued by a government, while Bitcoin is decentralized and operates on a blockchain network.
15. Can accounts be blocked? For what reasons?
Yes, e-CNY accounts can be blocked under certain circumstances, such as for illegal activities or suspected fraud.
16. Is the govt using it for mass surveillance?
Concerns have been raised about the potential for the e-CNY to be used for mass surveillance. However, the Chinese government has denied these claims.
17. How does it combine with the social credit system?
There are concerns about potential links between the e-CNY and the social credit system. However, the Chinese government has not confirmed any direct integration.
18. Are there restrictions and limits on use?
There may be certain restrictions and limits on e-CNY usage, such as daily transaction limits or restrictions on international payments. These may vary depending on factors like user identity and account type.
19. Can it be used by foreigners? Outside China?
While there have been some discussions about expanding the e-CNY's usage to foreigners and outside China, it's currently primarily intended for domestic use within China.
Sources:
*People's Bank of China: Official website and announcements
*Financial Times: Articles on the e-CNY and its development
*Bloomberg: News reports and analysis on digital currencies, including the e-CNY
*China Briefing: Insights into Chinese business and economic developments
Thanks to https://microlancer.io/
1. How many users?
As of 2023, the e-CNY had hundreds of millions of users, with significant growth in recent years. The exact number is not publicly disclosed.
2. What tech stack does it use?
The e-CNY is primarily based on Distributed Ledger Technology (DLT), but it's not a blockchain in the traditional sense. It uses a centralized control model, where the People's Bank of China (PBOC) maintains the ledger.
3. What companies are developing it?
The e-CNY is primarily developed by the PBOC. However, several commercial banks and technology companies are involved in its implementation and promotion.
4. How much privacy does it have?
The e-CNY offers a certain level of privacy, as transactions are not directly linked to personal identities. However, the PBOC has access to transaction data and can potentially track usage patterns.
5. How much transparency?
The PBOC provides some transparency regarding the e-CNY's development and usage. However, certain aspects, such as the exact issuance amount and detailed technical specifications, remain confidential.
6. Is the issuance amount known? How much is there?
The PBOC has not disclosed the exact issuance amount of the e-CNY. However, it has announced plans for gradual increases as the currency gains wider adoption.
7. How do people access it? What apps do people use it with?
People can access the e-CNY through various digital wallets, including those provided by commercial banks and government-backed platforms. Popular apps include My e-CNY, China Construction Bank's e-CNY Wallet, and WeChat Pay and Alipay.
8. Is it convertible to normal CNY?
Yes, the e-CNY is fully convertible to the Chinese Yuan (CNY). It has the same value as physical cash.
9. Are there exchanges to buy/sell e-CNY?
Not at this time. The e-CNY is primarily intended for domestic use and is not freely traded on international exchanges.
Where can you pay with it?
10. The e-CNY can be used for various payments, including retail purchases, public transportation, government services, and online transactions. Acceptance is widespread in China.
11. Is it online only? Or also physical shops?
The e-CNY can be used both online and in physical stores. Many merchants accept e-CNY payments.
12. Are salaries paid in e-CNY?
While some companies may offer the option of e-CNY salaries, it's not yet a widespread practice.
13. Did the govt use incentives to promote adoption?
Yes, the Chinese government has implemented various incentives to encourage the adoption of the e-CNY, such as discounts and rewards for early users.
14. How does it compare to paying in Bitcoin?
The e-CNY is fundamentally different from Bitcoin. It is a centralized digital currency issued by a government, while Bitcoin is decentralized and operates on a blockchain network.
15. Can accounts be blocked? For what reasons?
Yes, e-CNY accounts can be blocked under certain circumstances, such as for illegal activities or suspected fraud.
16. Is the govt using it for mass surveillance?
Concerns have been raised about the potential for the e-CNY to be used for mass surveillance. However, the Chinese government has denied these claims.
17. How does it combine with the social credit system?
There are concerns about potential links between the e-CNY and the social credit system. However, the Chinese government has not confirmed any direct integration.
18. Are there restrictions and limits on use?
There may be certain restrictions and limits on e-CNY usage, such as daily transaction limits or restrictions on international payments. These may vary depending on factors like user identity and account type.
19. Can it be used by foreigners? Outside China?
While there have been some discussions about expanding the e-CNY's usage to foreigners and outside China, it's currently primarily intended for domestic use within China.
Sources:
*People's Bank of China: Official website and announcements
*Financial Times: Articles on the e-CNY and its development
*Bloomberg: News reports and analysis on digital currencies, including the e-CNY
*China Briefing: Insights into Chinese business and economic developments
Thanks to https://microlancer.io/