Fiat Currency v/s Digital Currency v/s Cryptocurrency:
The Chinese Yuan
China's digital currency, the e-CNY:
The digital yuan, also called e-CNY, e-Yuan, digital RMB, Yuan Cryptocurrency, or Digital Currency Electronic Payment (DCEP) is the virtual form of Chinese renminbi issued by the People’s Bank of China. e-CNY is not meant to replace Chinese renminbi but to be circulated alongside deposit accounts and other payment methods. However, in contrast to regular cash, digital yuan cannot be pickpocketed and does not require carrying extra change in your pocket.
The digital yuan will be based on the same blockchain technology used for cryptocurrency, but it will be in a centralized manner with a third-party authority regulating transactions.
The digital yuan is the second central bank digital currency after the Bahamian Sand dollar, and the first issued by a major economy.
Bitcoin
Bitcoin (₿) is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009.