China Central Bank Expands Digital Yuan Pilot Scheme to More Cities

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China Central Bank Expands Digital Yuan Pilot Scheme to More Cities – China’s central bank, the People’s Bank of China, has expanded the number of locations where its digital money is being tested. The digital yuan has more than 261 million users, according to the most recent government data.

The People’s Bank of China (PBOC) said on Saturday that it is expanding the number of pilot cities where its central bank digital currency, the digital yuan, will be tested (e-CNY).

Chongqing, Tianjin, Fuzhou, Guangzhou, Xiamen, and six cities in Zhejiang province which will host the 2022 Asian Games in September are the new pilot cities. Ningbo, Hangzhou, Wenzhou, Jinhua, Shaoxing, and Huzhou are the six cities.

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Shanghai, Shenzhen, Suzhou, Xiong’an, Hainan, Chengdu, Changsha, Qingdao, Xi’an, and Dalian are among the ten major cities where the digital yuan is now being tested. At the Beijing Winter Olympics, it was also put to test.

The Chinese central bank announced about their digital currency:

“Policies must be adopted to encourage enthusiasm and creativity among banks, technical businesses, and local governments in order to promote, create, and spread the digital yuan.” “During the promotion process, competition should be promoted,” the PBOC added.

China Central Bank Expands Digital Yuan Pilot Scheme to More Cities – Aside from the new digital yuan pilot cities announced by the PBOC, Eddie Yue Wai-man, CEO of Hong Kong Monetary Authority, said Hong Kong plans to start a pilot program for using the e-CNY for shopping and dining in the near future.

Also Read: JPMorgan Sees Limited Upside for Crypto Markets

According to the latest figures from the Chinese central bank, at the end of 2021, the digital yuan had 261 million unique users. The e-CNY has also been used to make transactions worth 87.5 billion yuan ($13.8 billion).

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