Digital Transformation: The Impact of e-CNY on Securities Institutions and Financial Systems in China

Abstract

In recent years, the rapid advancement of emerging technologies such as big data, blockchain, and artificial intelligence has accelerated the transformation of currencies, shifting from materialization towards digitization and electronization. The e-CNY stands out as a prime example of China’s pioneering digital financial innovation globally. Governed by the central bank, it embodies the national agenda. As the e-CNY’s application field and reach expand, its relationship with the financial market grows increasingly intimate. As a significant participant in China’s financial landscape and a proactive responder to national policies, the securities industry is profoundly influenced by the e-CNY across various domains. Therefore, this paper undertakes a theoretical analysis of the e-CNY’s implementation within securities institutions, concluding that it will usher in a new paradigm for the entire financial system.