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Why Central Banks Want To Get Into Digital CurrenciesChina is likely to be the first major economy to issue central bank digital currency (CBDC), the digital version of sovereign currency. (Chinese: ?????; also abbreviated as digital RMB and e-CNY), or Digital Currency Electronic Payment (DCEP, Chinese: ????????; pinyin: Shuzi huobi dianzi zhifu), is a central bank digital currency issued by China's central bank, the People's Bank of China. China's digital yuan is a central bank digital currency (CBDC) issued by the People's Bank of China (PBOC) and valued the same as the standard.