Exploring the Digital Yuan: China's Currency Revolution
Intro
As we embark on the journey through the intricate realm of digital currency, it's crucial to set the stage by understanding its cornerstone—cryptocurrency. This initial exploration lays the groundwork for grasping the significance of China's digital yuan, unrivaled among its contemporaries. The digital yuan is not merely an adaptation of traditional currency; it's a revolutionary step that heralds a new era in financial transactions, particularly in an increasingly digital world.
Understanding Cryptocurrency
What is Cryptocurrency?
At its core, cryptocurrency is a form of digital or virtual currency that utilizes cryptography for security. Unlike traditional money, cryptocurrencies operate on decentralized networks based on blockchain technology, ensuring transparency and security. A distinguishing feature of cryptocurrency is that it is not controlled by any central authority, making it immune to government interference or manipulation. Take Bitcoin, for example—it emerged as the first decentralized cryptocurrency, allowing individuals to transfer value without a middleman.
Key Features and Benefits
The uniqueness of cryptocurrency lies in its various characteristics:
- Decentralization: The absence of a central authority makes cryptocurrencies resilient and less prone to systemic failures.
- Transparency: Transactions are recorded on a public ledger, which anyone can view, fostering trust among users.
- Security: Cryptography ensures transactions are secure, making it difficult for fraud and hacking to occur.
- Accessibility: Cryptocurrencies can be accessed by anyone with an internet connection, promoting inclusivity in finance.
These features provide numerous benefits, allowing for faster and cheaper transactions compared to traditional banking systems. An increased adoption of cryptocurrency poses questions about its implications on global finance and regulatory frameworks.
The Digital Yuan: A New Frontier
The digital yuan, formally known as the Digital Currency Electronic Payment (DCEP), is China's state-backed digital currency created to complement the existing monetary system while enhancing financial straibility and control. With the advent of this digital currency, the People's Bank of China aims to leverage cutting-edge technology to modernize its economy and combat the rise of private cryptocurrencies like Bitcoin.
The objectives behind the digital yuan's implementation are manifold:
- Enhancing Payment Efficiency: By streamlining transactions, the digital yuan promises quicker and more convenient payments both domestically and internationally.
- Reducing Transaction Costs: Digital currencies can significantly cut transaction fees incurred by banks and intermediaries.
- Promoting Financial Inclusion: The digital yuan seeks to integrate the unbanked population into the financial system, providing ease of access to financial services.
Culmination
Understanding the digital yuan in the context of cryptocurrency is vital for recognizing its broader implications. This currency revolution could redefine the financial landscape not only in China but also across the globe as we inch closer to a world where digital assets take center stage in commerce. With the continued evolution of financial technologies, the intersection between innovation and tradition remains ever so important as we delve further into the digital realm.
Preamble to the Digital Yuan
The emergence of the Digital Yuan marks a pivotal turn in the way currencies are perceived and utilized in today's economy. The importance of understanding this topic lies not only in grasping the technical and functional aspects of the digital currency but also in exploring its implications on a global scale. As traditional financial systems undergo significant transformations, the introduction of a state-backed digital currency like the Yuan can signal a shift in monetary policies and economic strategies both within China and beyond.
The Digital Yuan, officially known as the e-CNY, represents an effort by the Chinese government to enhance its monetary sovereignty while streamlining transactions. Its role goes beyond just simplifying everyday payments; it aims to address critical issues such as financial inclusion, enhancing the efficiency of the financial sector, and providing a tool for better regulatory oversight.
Benefits of the Digital Yuan
- Increased Efficiency: The digital currency promises faster transaction times, reducing the costs associated with cash handling and banking.
- Monetary Sovereignty: By controlling its own digital currency, China can manage its monetary policy more effectively and reduce reliance on foreign digital currencies.
- Financial Inclusion: It has the potential to reach unbanked and underbanked populations, thereby expanding the user base for financial services.
Considerations
Despite its potential benefits, the Digital Yuan also raises important considerations. Issues related to privacy, data security, and the implications of a government-controlled currency need careful examination. The intertwining of technology and finance, especially concerning personal data, sparks debates over surveillance versus convenience. Furthermore, understanding the historical context of digital currencies in China will shed light on the motivations behind the Digital Yuan and its design.
To grasp the full impact of the Digital Yuan, one must first look at its definition and concept, which lays the foundation for its design and objectives.
The Technological Framework of the Digital Yuan
In understanding the digital yuan, the technological framework stands as a cornerstone that enables its functionality and acceptance in the modern financial landscape. This framework is not just a set of technical components; it is the backbone that supports the operational integrity and strategic goals of China's digital currency initiative. As we venture deeper, the specifics of this framework unravel the layers of innovation, security, and efficiency that characterize the digital yuan.
Blockchain vs. Centralized Ledger
The debate between blockchain technology and traditional centralized ledgers can be likened to discussing apples and oranges; both have their place, yet they serve different purposes in the grand scheme. The digital yuan primarily operates on a centralized ledger, a substantial deviation from the decentralized nature of cryptocurrencies like Bitcoin.
"In a world where trust is paramount, the centralized approach of the digital yuan reaffirms state control over its financial ecosystem."
By utilizing a centralized ledger, the People's Bank of China can exert significant influence over monetary policy and transaction processing. The centralized model provides advantages such as:
- Improved Transaction Speed: Unlike the often laborious verification process in blockchain systems, centralized systems allow quicker transaction confirmations, making everyday uses more efficient.
- Enhanced Regulatory Control: The central bank maintains oversight, allowing for real-time monitoring of financial flows. This is particularly advantageous in a country where governmental oversight of finances is crucial.
- Reduction of Energy Costs: Traditional blockchain networks can be very resource-intensive, consuming vast amounts of energy for their mining processes. The digital yuan's approach is designed to be more energy-efficient.
However, this model does not come without its criticisms. Centralized systems may raise concerns about privacy and surveillance, as every transaction remains traceable within the government’s domain.
Striking a balance between control and privacy becomes vital as China rolls out the digital yuan to its citizens.
Security Features and Protocols
Security is paramount in any financial system, especially when transitioning from hard cash to a digital format. The digital yuan incorporates several advanced security features and protocols to protect users and bolster the integrity of the currency itself.
- Multi-Layer Authentication: Transactions require multiple forms of verification, reducing the risk of fraud or unauthorized access significantly.
- Encryption Techniques: Data transmitted during transactions is encrypted, ensuring that sensitive information, like personal identification data, remains secure from potential breaches.
- Smart Contract Capabilities: While the primary framework is centralized, there is room for smart contracts within certain contexts, allowing for automated actions under defined conditions that enhance security and trustworthiness.
The emphasis on security is indicative of a conscientious effort to address apprehensions surrounding digital currency. Given past incidents in the cryptocurrency arena, where hacking and theft have compromised funds, the digital yuan aims to create a more secure environment for its users.
Objectives Behind the Digital Yuan
The introduction of the digital yuan serves as a pivotal move in China's financial landscape. As the state-backed cryptocurrency makes its way through the global arena, understanding its objectives sheds light on its significance for the nation and the world at large. This section explores two main objectives, which are enhancing monetary sovereignty and facilitating financial inclusion, both of which play a crucial role in shaping the digital yuan's impact.
Enhancing Monetary Sovereignty
Monetary sovereignty refers to a nation's ability to control its own currency and economic policy without interference. For China, the introduction of the digital yuan is, in many ways, a strategic maneuver to assert its position in the global economy. By developing a digital currency backed by the state, China aims to reduce its reliance on the US dollar—a move that could shift the balance of international trade.
Another aspect worth mentioning is the digital yuan's potential to help bypass the existing international payment systems that often subject transactions to foreign controls and regulations. With a centrally governed digital currency, the Chinese government can potentially manage cross-border transactions more effectively, decreasing systemic risks posed by external economic fluctuations.
"The digital yuan is not just about innovation; it's about control and influence in a rapidly digitizing economic world."
The benefits of enhancing monetary sovereignty through the digital yuan are multifold:
- Increased Control: The Chinese government can track and manage currency movement more efficiently, potentially counteracting illegal financial activities.
- Stable Ecosystem: By leveraging technology to maintain a stable currency environment, China could diminish the volatility seen in decentralized cryptocurrencies like Bitcoin.
- Power Dynamics: This move could help China reshape international currency dynamics, potentially establishing the digital yuan as a reserve currency in some regions.
Facilitating Financial Inclusion
One of the significant goals behind the digital yuan is to promote financial inclusion. In a country with vast population disparities between urban and rural regions, the digital yuan's design aims to make financial services accessible to a broader demographic. China's rural population often lacks access to conventional banking, which can hinder economic growth and individual financial freedom.
By providing a digital currency that anyone with a mobile device can utilize, the Chinese government is working to bridge this gap. The digital yuan can enable peer-to-peer transactions without the need for intermediaries, opening doors for many who have been traditionally excluded from the financial system.
The potential benefits include:
- Easy Access: Simplifying the process of opening accounts and accessing funds for individuals in less urbanized areas.
- Lower Costs: Digital transactions can reduce fees associated with physical banking, making financial services more affordable.
- Economic Empowerment: With more people able to engage in the economy, financial activities can thrive at a grassroots level, potentially leading to enhanced regional development.
In summary, the objectives behind the digital yuan extend beyond mere digital currency proliferation; they represent a well-rounded approach to economic control and inclusion that resonates with both national and international priorities. Understanding these motivations is vital for grasping the broader implications of this innovative financial tool.
Comparative Analysis: Digital Yuan and Other Cryptocurrencies
The landscape of digital currency is rapidly evolving, and here lies the heart of discerning between various digital assets. Understanding the differences between the Digital Yuan and other cryptocurrencies can illuminate the pathways that digital finance might take in the future.
These distinctions are crucial for multiple stakeholders, including investors, traders, educators, and technologists. The Digital Yuan, a state-sanctioned currency, doesn't just compete with other cryptocurrencies; it represents a fundamentally different philosophy and architecture of digital money.
Digital Yuan vs. Bitcoin
When drawing a line between the Digital Yuan and Bitcoin, the initial aspect that jumps out is governance. Bitcoin operates on a decentralized framework, entangled with a transparent consensus protocol known as proof of work. This underlying structure gives individual users autonomy, aiming to evade central control.
The Digital Yuan, however, functions under the auspices of the People’s Bank of China. This controlled structure ensures compliance with state regulations and also allows for the tracking of transactions, which Bitcoin inherently opposes. Here’s a brief comparison:
- Control:
- Privacy:
- Transaction Speed:
- Digital Yuan: Governed by the Chinese government, allowing for regulation and oversight.
- Bitcoin: Decentralized and democratic, functioning independently of government influence.
- Digital Yuan: Limited user anonymity; designed for state surveillance.
- Bitcoin: Facilitates a higher level of privacy, though not entirely anonymous.
- Digital Yuan: Faster processing due to centralized control, designed for mass adoption.
- Bitcoin: Slower processing with block limitations, though innovations like the Lightning Network are developing.
"In the digital age, the line between currency and data blurs. The Digital Yuan doesn’t just reshape how we pay; it changes how we define value."
The implications of these differences resonate throughout various sectors, especially retail and international trade. For example, while Bitcoin transactions might encounter delays and higher fees in moments of high network traffic, the Digital Yuan promises a smoother and potentially fee-free experience for consumers.
Centralized vs. Decentralized Models
Delving into the models behind these currencies illuminates the broader narrative of digital finance. The centralized model of the Digital Yuan contrasts sharply with the decentralized nature of currencies like Bitcoin and Ethereum.
In simple terms, centralized currencies come with a management system that is explicit, like a parent gently guiding children through a mall—always aware of where they are. Here, the central authority can regulate supply, monitor fraudulent activities, and implement controls to stabilize the economy. Yet, this raises critical questions about freedom and privacy.
Conversely, decentralized currencies offer users more power. They can transact freely; however, this comes with its risks, such as volatility and lack of recourse during disputes. Popular decentralized currencies function like a lively marketplace where individuals barter without external intervention.
It’s important to note that both centralized and decentralized models serve unique purposes and cater to diverse needs. The decision for investors and users will often depend on what they value more—security and stability with the Digital Yuan or autonomy and control with Bitcoin.
In essence, what emerges from this comparison is a dance between control and liberty. As we proceed further into the era of digital finance, the balance of these elements will likely shape what the financial landscape of tomorrow looks like.
Global Implications of the Digital Yuan
As we dip into the pool of what the digital yuan can mean globally, it’s clear this isn’t just a domestic play by China. The potential ripple effects of this currency on international markets, trade, and relationships could be vast and unprecedented. The digital yuan, formally known as Yuan Digital Currency Electronic Payment (DCEP), symbolizes a new era in financial interactions, reflecting a divergence from traditional financial frameworks and setting the stage for a more interconnected but also more contentious world.
Impact on International Trade
The advent of the digital yuan could redefine international trade practices in several significant ways. Central to this transformation is the idea of streamlining transactions. Traditional methods often involve banks acting as intermediaries, which can slow down processes and increase costs. With the digital yuan, transactions could be executed faster and more efficiently, allowing businesses to settle deals in real-time across borders.
Furthermore, using the digital yuan may lead to enhanced economic relationships. Countries that adopt or accept this currency could find themselves reducing their reliance on the U.S. dollar, which has long been the backbone of international trade. For example, companies in Southeast Asia might prefer to transact in yuan to benefit from more favorable exchange rates—or even simpler payment processes.
"The digital yuan could significantly alter the competitive landscape of international finance, potentially diminishing the dollar's dominance."
Additionally, China's push to include the digital yuan in its Belt and Road Initiative could pave the way for its usage in economic corridors traditionally dominated by dollar-denominated trade. By working to have the digital yuan accepted in trade agreements, China could tighten its economic grip while expanding the yuan’s global reach.
Moreover, the openness of the digital yuan to financial technologies may allow smaller and mid-sized companies to participate more fully in global trade. The improved access to financial services can create new avenues, democratizing global trade.
Influence on Geopolitical Relations
When understanding the digital yuan’s impact, it's essential to grasp how it fits into the geopolitical chess game. As nations navigate the rise of digital currencies, China's initiative may alter alignments and provoke reactions from established powers like the United States. With the digital yuan potentially acting as a counterbalance to U.S. financial hegemony, we could see a reshaping of international alliances.
China's global strategy may prompt countries to rethink their foreign policies and national security. For instance, nations in Africa looking for alternatives to Western financial systems might lean more towards China's digital currency, fostering closer ties with Beijing. This shift has embedded implications for geopolitical dynamics, particularly in the context of economic sanctions or trade tariffs.
Moreover, as other countries explore similar central bank digital currencies, we could witness the emergence of a digital currency race, further intensifying competition. Countries like the European Union and Russia may accelerate their efforts in digital currencies to avoid becoming overshadowed by the yuan.
In summary, the global implications of the digital yuan encompass substantial changes in international trade dynamics and geopolitical reality. As nations adapt to this evolving financial ecosystem, the strategic interests of countries will likely shift, highlighting the importance of monitoring these developments closely. The digital yuan is not merely a currency; it's part of a broader ideological and economic battleground.
Challenges and Criticisms of the Digital Yuan
The introduction of the digital yuan, while hailed as a step forward in modernizing China's financial infrastructure, has not come without its share of controversy and pushback. Understanding the challenges and criticisms of the digital yuan is crucial, particularly for investors, educators, and tech enthusiasts. This section discusses two primary concerns: privacy and resistance from traditional financial systems, both of which have implications for the broader adoption and functionality of this digital currency.
Concerns Over Privacy
One of the most significant critiques surrounding the digital yuan pertains to user privacy. Unlike traditional cash transactions, which can often remain anonymous, digital currencies inherently present a dilemma regarding how personal data is managed and utilized. Many critics are apprehensive that the infrastructure supporting the digital yuan could enable the Chinese government to monitor individuals' transaction histories closely. This concern is particularly poignant given China's existing track record of extensive surveillance through social credit systems and other monitoring technologies.
An essential aspect of this debate is the trade-off between convenience and control. On one hand, proponents of the digital yuan highlight its potential for providing efficient transaction verification, cutting down on fraud, and streamlining cross-border payments. On the other hand, individuals who prioritize privacy fear that such oversight can lead to governmental overreach. The eyes of the state being ever-present can stifle economic dynamism and individual expression. It's a classic case of wanting to have one's cake and eat it too: most people enjoy the idea of seamless transactions, but very few are inclined to surrender their personal freedoms for it.
"The balance between security and privacy is like walking a tightrope; one misstep might send the whole thing crashing down."
The ongoing discussions about privacy controls within the digital yuan framework will be essential as China moves forward. How the government addresses these concerns may ultimately influence public acceptance and trust in this digital currency.
Resistance from Traditional Financial Systems
Another formidable hurdle for the digital yuan arises from reluctance among traditional banking institutions and financial systems. Established banks have operated under a specific paradigm for decades. The advent of the digital yuan signals a potential disruption not only to the financial ecosystem in China but also globally.
Banks might perceive the digital yuan as a threat to their profitability and operational models. The potential for decentralized digital currencies to bypass traditional banking channels can create friction. For example, if consumers turn to the digital yuan for daily transactions, banks could find themselves squeezed out of essential services such as transaction fees, lending, and asset management.
This is not just a theoretical debate. We've seen evidence of banks pushing back against central bank digital currencies (CBDCs) worldwide, viewing them as encroachments into their turf. Institutions may attempt to lobby against the digital yuan or hinder its adoption through various means, such as promoting misinformation about its safety and reliability or emphasizing the status quo. Without the active participation and adaptation of these financial bodies, the digital yuan may struggle to find a robust user base, thus losing its potential effectiveness significantly.
In summary, the digital yuan's promise is shadowed by significant challenges related to privacy and institutional resistance. Addressing these issues will be vital for China as it aims for a smooth transition into this new financial paradigm. As we look ahead, the government's approach to these challenges will be just as important as the technology itself for fostering acceptance and trust in the digital yuan.
The Future of the Digital Yuan
The landscape of global finance is on the brink of a significant transformation, driven largely by innovations in digital currency. In this context, the future of the digital yuan stands out as a pivotal subject in understanding how economies adapt to emerging technologies. As more nations explore the potential of digital currencies, China’s initiative in rolling out the digital yuan is not just a national venture; it’s a window into the future of money itself.
Adoption Rates and User Acceptance
The acceptance of the digital yuan hinges on various factors, including technological infrastructure, public trust, and regulatory clarity. China's government has initiated a series of pilot programs in multiple cities to encourage usage. For instance, during the Winter Olympics in Beijing, trial runs were conducted to promote the digital currency among international visitors and locals alike.
Some essential considerations include:
- Infrastructural Development: The success of the digital yuan is closely tied to the integration of mobile payment systems. With platforms like Alipay and WeChat Pay already deeply embedded in daily transactions, the digital yuan must ensure seamless interoperability.
- Public Awareness: User trust is another significant hurdle. Educating the public about the benefits and security of using digital yuan is crucial. This education needs to counterbalance fears related to privacy, often voiced during discussions on digital currencies.
- Incentives for Usage: The government has introduced various incentives, including campaigns and discounts for those who use the digital yuan, aiming to stimulate adoption and create a culture of digital currency usage.
To summarize, the acceptance of the digital yuan will not come overnight. It requires a cohesive strategy that combines education, infrastructure improvements, and effective communication about its advantages.
Prospects for Expansion Beyond China
Looking beyond China's borders, the potential for the digital yuan to establish its footprint in international markets is equally intriguing. As countries reassess their currency strategies and seek alternatives to the dominance of the U.S. dollar, the digital yuan presents an opportunity for China to strengthen its geopolitical influence.
Key prospects include:
- Bilateral Trade Agreements: Countries involved in China's Belt and Road Initiative might see value in adopting the digital yuan for trade, facilitating faster and more secure transactions. Such agreements could help build economic ties and reduce reliance on traditional currencies.
- Integration in Emerging Markets: Many emerging economies look to digital currencies as a means to improve financial accessibility. The digital yuan could serve as a model, prompting these nations to adopt similar systems that align with their economic objectives.
- Global Trade Networks: If the digital yuan gains traction worldwide, it may challenge the current international monetary system, potentially leading to a multipolar currency environment. This could result in the digital yuan being used for cross-border transactions, enhancing China's role in global finance.
As the digital yuan unfolds, how it fares on the world stage will be crucial for global finance. Its ability to integrate with other systems, inspire confidence among users, and support international trade will shape its success and influence as countries navigate the uncertain waters of financial evolution.
"If you want to go fast, go alone. If you want to go far, go together." - African Proverb
This ethos may well resonate as nations collaborate in the evolving landscape of digital currencies.
Regulatory Considerations
The emergence of the digital yuan introduces significant regulatory dynamics that warrant careful exploration. The stability and success of this digital currency revolve not just on the technology or its adoption, but critically hinge on sound regulatory frameworks. These regulations play a pivotal role in shaping the currency's operational landscape, influencing both user trust and market adoption.
Government Oversight and Regulation
In the realm of digital currencies, government oversight is crucial. The digital yuan stands as China's official attempt to usher its currency into the digital age while maintaining a handle on financial systems. The People's Bank of China (PBoC) spearheads the regulatory initiative over the digital yuan,
- ensuring compliance with monetary policy,
- fighting money laundering,
- and protecting consumers' interests.
One prominent aspect is centralized control. Unlike decentralized cryptocurrencies, the digital yuan operates within a framework controlled by the state, which is instrumental in preempting misuse. The government has access to transaction data, granting it a vantage point to track and monitor currency flows, thus aiding in crime prevention and financial stability.
However, this level of oversight raises questions regarding privacy and user consent. Whereas typical cryptocurrency transactions often shield user identities, the digital yuan's structure allows for identifiable user tracking. This double-edged sword presents benefits in combating illicit activities but also poses ethical dilemmas about user rights and privacy. The balance that regulators will need to strike will be vital not just for the digital yuan’s acceptance, but also for public trust in digital financial systems overall.
Legal Framework for Use
Establishing a robust legal framework for the digital yuan is essential to bolster confidence among entities and individuals considering its use. This framework should encompass several key elements:
- Consumer Protections: Clear guidelines must be defined to protect users against fraud and scams associated with digital transactions.
- Usage Restrictions: Regulations may stipulate how the digital yuan can be utilized, particularly in cross-border transactions, to meet international trade obligations and avoid sanctions.
- Compatibility with Existing Laws: The digital yuan should harmonize with current taxation and financial regulations. This brings clarity and eases the integration of digital currency into the broader financial ecosystem.
- Regulatory Alignment with Global Standards: With the digital yuan aiming for a role on the global stage, aligning its framework with international standards can facilitate cross-border use and acceptance.
The construction of this legal framework isn't a mere afterthought—it's foundational to the sustainable future of the digital yuan. Without a clear and comprehensive regulatory landscape, both domestic and international adoption may falter, leaving the digital yuan languishing in obscurity amidst global currencies.
"Regulatory considerations will ultimately determine not just how the digital yuan is perceived, but also its place in the broader currency market."
To summarize, the regulatory considerations surrounding the digital yuan encompass a multi-faceted approach that blends government oversight and a comprehensive legal framework. The potential for the currency to thrive depends heavily on how these elements are navigated in the coming years.
Finale
The conclusion section of this article underscores the critical relevance of comprehending the implications and dynamics surrounding the Digital Yuan. By synthesizing the key elements discussed, it provides clarity on how this digital currency is not just a technological innovation but a profound shift in monetary policy and international finance.
Summary of Findings
In exploring the Digital Yuan, several crucial findings are evident:
- Monetary Sovereignty: The initiative fortifies China’s control over its currency and financial system, offering a counterbalance to dominant currencies like the US dollar.
- Integration with Technology: The use of a centralized ledger structure over traditional blockchain models demonstrates a unique approach focused on state governance and oversight.
- Global Trade Implications: The spread of the Digital Yuan could reshape international trade practices, particularly with countries that have strong economic ties to China.
- Challenges Highlighted: As highlighted in previous sections, privacy concerns and pushback from traditional financial sectors present significant hurdles that require management and adaptation.
These findings indicate that the Digital Yuan may lead to a new era in financial systems, one where state-backed digital currencies prevail over decentralized forms, changing the landscape of both domestic and global economies.
Implications for Future Research
The advent of the Digital Yuan opens numerous avenues for further inquiry and analysis, particularly in the following areas:
- Impact Assessment: Future studies could investigate how the Digital Yuan affects traditional banking institutions and payment systems globally.
- Technological Advances: Understanding the evolution of technology behind central bank digital currencies (CBDCs) can lead to more robust frameworks and security measures.
- Regulatory Frameworks: Exploring how different jurisdictions respond to the rise of state-backed digital currencies and the collaboration needed to address regulatory dilemmas.
- Comparative Studies: Analyzing the performance of the Digital Yuan in relation to other emerging digital currencies could reveal trends that affect investment strategies.
Rising interest in this topic ensures that it remains a fertile ground for research, as both financial experts and policymakers seek to navigate the complexities and opportunities offered by digital currencies like the Digital Yuan.
