The Regulation of Digital Currency in China: Past, Present, and Future

Ying Chen, Michael Adams

Research output: Contribution to journalArticleResearchpeer-review


China has been at the forefront of experimenting with digital currencies, starting
from the decentralized cryptocurrencies (cryptos) in the late 2000s to the most
recent state-controlled central bank digital currency (CBDC). This article reviews
China’s history of digital currencies and examines its unique regulatory approach to
both cryptos and CBDC. Reflecting on China’s concerns and ambitions, this article
further explores the anticipated future of digital currencies in China with a particular focus on China’s regulatory developments. It concludes that e-CNY, a state-controlled CBDC, is China’s future of money, although that means China must navigate an increasingly complex regulatory landscape.
Original languageEnglish
Pages (from-to)143-160
Number of pages18
JournalEuropean Journal of Law Reform
Issue number1-2
Publication statusPublished - 2023


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