Author(s)

Xunwei Pan ¹

Affiliation(s)

¹ University of Ottawa, 75 Laurier Ave E, Ottawa, ON, K1N 6N5, Canada

Corresponding Author

ABSTRACT

With the rapid advancement of blockchain technology and fintech, digital currencies pose significant challenges to traditional banking systems and may catalyze systemic transformations. This study focuses on China's digital Renminbi (e-CNY), analyzing its impact on payment clearing, monetary policy, risk management, and market competition. Through the Shenzhen pilot program, it explores the effects of e-CNY on banking operations and potential strategies for banks to adapt. Additionally, it provides insights into global digital currency trends and their implications for the financial system, highlighting the transformation of the banking industry. 

KEYWORDS

CITE THIS PAPER

Xunwei Pan, The Impact of Digital Currency on Traditional Banking Systems: A Case Study of China's Digital Renminbi. Financial Engineering and Risk Management (2024) Vol. 7: 180-185. DOI: http://dx.doi.org/10.23977/ferm.2024.070523.

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