Digital Currency Electronic Payment (DCEP)

Digital Currency Electronic Payment (DCEP), also known as digital yuan, is China's official digital version of its physical currency issued by the central bank. It functions as a secure, electronic form of money that can be used for daily transactions via smartphones or digital wallets. Unlike bank deposits or cryptocurrencies, DCEP is centrally controlled, designed to provide a safe, efficient, and cashless payment method that enhances financial oversight and convenience. It aims to modernize payments, reduce cash handling, and strengthen monetary policy implementation, all within a regulated digital framework supervised by the central bank.