The Chinese Communist Party (CCP) recently launched a new round of campaigns promoting its Central Bank digital currency, the digital renminbi, to further increase its use among the general public.
Experts warn that a digital, highly centralized version of the renminbi could further enhance the regime’s control over the Chinese citizens.
The digital renminbi, also known as e-CNY, is a digitized version of China’s legal currency, that the CCP has been developing as a virtual legal tender and replacement of the physical fiat currency since 2014.
The CCP announced the first group of digital renminbi pilot cities in late 2019 and expanded the trial program to 23 cities in April 2022….