scenario is applicable. It also deepened people’s understanding of the design philosophy of e-CNY.
During the pilot, the PBOC focused on exploring the innovation of e-CNY application models. Smart contracts were used to make the e-CNY programmable, more expandable, and better integrated into various scenarios. Through collaboration with selected mobile phone producers, the PBOC studied dual offline payment and other innovations on mobile devices. Smartphone-free hardware wallets based on smart visual cards were tested in an effort to bridge the "digital divide". To make Winter Games technology savvy, innovative scenarios were deployed on a trial basis in the premises of the Beijing Organizing Committee for the 2022 Olympic and Paralympic Winter Games, such as unmanned vending carts, automatic vending machines and unattended supermarkets. Wearable devices were developed, such as gloves, badges and Olympic uniforms with payment functions. Most users participating in the pilot tests agree that e-CNY can help improve payment efficiency and reduce costs. The general public, micro and small vendors and enterprises acknowledge the convenience and inclusiveness of e-CNY.
During the R&D and pilot, the PBOC extensively exchanged views with international organizations (IOs) such as the Financial Stability Board, the Bank for International Settlements (BIS), the International Monetary Fund and the World Bank. The PBOC discussed cutting-edge issues on digital fiat currency with monetary and fiscal authorities and regulators in various jurisdictions, multinational financial institutions, and top universities. It actively participated in setting standards for digital fiat currency and building an international standard system under the framework of IOs. The PBOC DCI has signed an MOU with the Hong Kong Monetary Authority. It has also joined the Multiple CBDC Bridge (m-CBDC Bridge) led by the BIS Innovation Hub (BISIH), where it explores CBDC options in joint efforts with BIS innovation hub centers in Hong Kong Special Administrative Region and Singapore, as well as relevant central banks.
5.2 Outlook
The PBOC will continue to prudently advance the pilot e-CNY R&D project in line with China's 14th Five-Year Plan, with no preset timetable for the final launch. Efforts will focus on the following areas.
First, the PBOC will forge ahead with the pilot R&D project in a prudent and orderly manner. Building on the experience from the previous pilot tests and taking into account the development plans and local circumstances of pilot places, the PBOC will further expand test scenarios to cover all possible scenarios in selected pilot regions. The PBOC will improve the e-CNY ecosystem, and continue to explore new application models in line with economic and social development. In the meantime, the PBOC will join hands with and tap the strengths of all relevant parties, including
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