China’s central bank, the People’s Bank of China, has added more cities to test its digital currency. Based on the most recent official data, there are more than 261,000,000 users of the digital Yuan.
PBOC adds more cities to test its CBDC
The Chinese central bank, the People’s Bank of China (PBOC), said Saturday that it is adding more pilot cities to test its central bank digital currency (CBDC), the digital yuan (e-CNY).
Chongqing and Tianjin are the new pilot cities. Fuzhou, Fuzhou and Xiamen will also be hosting the 2022 Asian Games. Hangzhou and Ningbo are also included.
The digital yuan is already being tested in 10 major cities: Shenzhen, Shanghai, Suzhou, Xiong’an, Chengdu, Hainan, Changsha, Xi’an, Qingdao, and Dalian. It was also tested during the Winter Olympics at Beijing.
China’s central bank spoke out about its digital currency.
In order to promote, encourage, and grow the digital Yuan, it is essential that policies are designed to inspire creativity and enthusiasm from the technology and banking firms as well as the local government.
“In the process of promotion, competition should be encouraged,” the PBOC added.
In February, Eddie Yue Waiman, chief executive of Hong Kong Monetary Authority, (HKMA), announced that in addition to the pilot digital yuan cities, Hong Kong will soon launch a pilot program for using the eCNY for dining and shopping.
The latest data released by the Chinese central banking shows that the digital currency had 261,000,000 unique users as of the 2021 end. The e-CNY also enabled transactions of $87.5 billion yuan (13.8 billion).
How do you feel about China expanding its test cities for the digital currency of its central bank? Comment below.
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