The Influence of Central Bank's Digital Currency on Electronic Payment

Abstract

On September 24, 2019, the Governor of the People’s Bank of China, Yi Gang, said at an event celebrating the 70th anniversary of the People’s Republic of China that the People’s Bank of China has made positive progress in research on digital currencies. The People’s Bank of China plans to combine the central bank’s digital currency (hereinafter referred to as DCEP) with electronic payment tools, calling it a digital currency and electronic payment package. This paper aims to discuss the current business model and structure of our country's electronic payment industry and related electronic authentication and financial network security industries, as well as the possible impact of the central bank's digital currency after it enters the market.