THE DIGITAL YUAN – AN OFFICIAL DIGITAL CURRENCY OF CHINA: A LEGAL NATURE AND DEVELOPMENT TRENDS

A legal nature and development trends of the digital yuan – an official digital currency of China – are analyzed. In particular, the author considers the concept of digital currency, its classification; the reasons for the introduction of digital currencies of central banks; the concept and characteristics of the digital yuan in the legal sense; the forms and methods of digital yuan issuance; the similarities and differences between the digital yuan and other types of payment methods (in particular, cash, cryptocurrencies, non-cash money stored in bank accounts, money stored in various electronic wallets, and cryptoassets). The differences between the digital yuan and the central bank digital payment token in Singapore are also revealed. The article analyses the trends in the development of the digital yuan and the central bank digital currencies of other countries.