Developed and issued by the People's Bank of China, the Digital Currency Electronic Payment has the same legal status as the physical RMB. This essay will describe the basic information, development, and advantages of the DCEP and the challenges and risks that may be encountered in the development, distribution, and use of the DCEP. According to the existing social information, the blueprint and future development of the DCEP is forecasted. Overall, DCEP will help improve the convenience of daily payment for Chinese residents, reduce the cost of the central bank's management of RMB, accelerate the development of the digital economy, and promote social and technological progress.