Advances in Economics, Management and Political Sciences
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Proceedings of the 2nd International Conference on Business and Policy Studies
Series Vol. 7 , 13 September 2023
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Why China Became the First Major Country to Implement the CBDC
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Abstract
It took only four years for China to transform CBDC research and development into pilot projects. Among the countries engaged in CBDC research, China may have made the fastest progress in CBDC research and development. However, the current research focuses mainly on mechanism and the design of e-cny and its geopolitical implications, and does not answer the question why the people's Bank of China became the first major country to implement CBDC. To answer these questions, this paper analyzes the institutional foundations from a macro strategic perspective that have allowed China and the PBoC to lead the world in testing CBDC. Then this paper analyzes China’s CBDC development process with a focus on the role of China’s financial regulatory institutions and policy innovation. It identifies the key agencies and key decision makers in the process of China’s CDBC research and development process. It also provides a comparative analysis of China’s institutional feature vis-à-vis the United States to further illustrate China’s institutional settings for it to be the first to launch CBDC.
Keywords
Central Bank Digital Currency (CBDC), the People's Bank of China (PBoC), China, Digital Currency Electronic Payment (DCEP)
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 2nd International Conference on Business and Policy Studies
- ISBN (Print)
- 978-1-915371-41-6
- ISBN (Online)
- 978-1-915371-42-3
- Published Date
- 13 September 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/7/20230225
- Copyright
- 13 September 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited