How China leads in evolution of digital-era money, payments

In concept, digital currency and electronic payment, or DC/EP is a "two-tier" research and development and pilot project plan of the People's Bank of China, the central bank. DC/EP is not a payment product.

The DC/EP project plan is like an umbrella or a platform that may encompass or spawn several payment products. Each product can be tested in trials and promoted later.

One such product is now formally known as e-CNY, the electronic Chinese yuan or digital RMB.