Yunnan University builds digital yuan lab with Bank of China

The unveiling ceremony for a research and development, publicizing and experience facility for the digital yuan, or e-CNY – called the E-CNY Innovation Application Laboratory – was recently jointly established by the Yunnan branch of the Bank of China and Yunnan University, or YNU.

The ceremony took place on July 12 at YNU's Chenggong Campus in Kunming, capital city of Southwest China's Yunnan province.

An interior view of the new E-CNY Innovation Application Laboratory.  [Photo/ynu.edu.cn]

The laboratory, guided by the development needs of digital finance in Yunnan province, is divided into four main functional areas – the E-CNY Popularization Area, a Core Technology Innovation Area, the E-CNY Scenario Development Area and the E-CNY Experience Area.

The lab has already developed some innovative products, including an AI-powered financial intelligence Q&A platform, an e-CNY Q&A platform based on large models, as well as commercial e-CNY payment scenarios that support languages such as Burmese and Thai.

It is also conducting targeted research into prospective innovative products.

Moving forwards, YNU and the Yunnan branch of the Bank of China will work together to transform the lab into a high-level collaborative innovation hub that integrates scientific research, technology transfers and social services.

An additional aim is to explore the applications of the e-CNY in inclusive scenarios, border trade, cross-border payments and in establishing bridges between multilateral central bank digital currencies.

The e-CNY, as the digital form of the renminbi or the RMB, features characteristics such as digitization, online payment settlements, controllable anonymity and convenience and security.

It has already been widely applied in the wholesale and retail sectors, as well as in catering and tourism, education and healthcare, public services and other fields.