China's central bank digital currency, the Digital Currency Electronic Payment (DCEP), recently celebrated its third anniversary. Launched in January 2020, the DCEP app has undergone 38 updates and is supported by 81 banks, according to Chinese online media outlet Yicai Global. The widespread adoption of the digital yuan highlights China's commitment to developing a cashless society. The DCEP offers several advantages over traditional fiat currencies, including convenience, security, and transparency. As the DCEP continues to gain traction, it is likely to play a significant role in shaping China's financial landscape.