Author: Xu Duoqi
Abstract: Driven by the profound transformation of the global monetary system and the rapid development of the digital economy, the emergence of e-CNY is not only a result of technological innovation but also a process of structural reshaping of national sovereignty and monetary governance in a new ecosystem. The new international monetary ecosystem serves as the external incentive for the birth of e-CNY. Against the backdrop of the US dollar hegemony facing technological challenges, e-CNY, as an extension of China's national sovereignty, aims to prevent the erosion of the power to issue currency from technological fragmentation. It is necessary to reshape the infrastructure of the legal order through the power to issue currency, break the monopoly of traditional cross-border settlement, and construct a more equitable new international monetary order. Meanwhile, technical standards and security frameworks constitute the inherent mechanism of e-CNY as an infrastructure, and the scenario-based protection and utilization of data form the core support of the security framework.
Keywords: legal digital currency; power to issue currency; diversification; institutional logic; compliance governance
Journal: Journal of Political Science and Law, (2).
Publish date：2026/3/24
