China to Expand its Digital Yuan Pilot Scheme
Main page Technologies, China, CBDC

The People's Bank of China (PBoC), the country's central bank, has just announced it intends to expand the pilot testing of the digital yuan (e-CNY) to more cities.

According to the regulator, there has been an increase in the number of transactions with the CBDC and the experiment conducted during the 2022 Winter Olympics has been a success.

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It is worth noting that the Asian giant has been testing the digital yuan since the end of 2019. At the end of last year, the transaction volume with the e-CNY reached 87.57 billion yuan or about 13.68 billion yuan, 261 million unique digital wallets have been registered.

Tests were conducted in Shenzhen, Suzhou, Xiong'an, Chengdu, Shanghai, Hainan, Changsha, Xi'an, Qingdao, Dalian and the Winter Olympics area. All these cities will continue to use the tool.

As reported by the regulator, the program will now include Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen and six cities in Zhejiang province hosting the Asian Games.

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The regulator has reported that in the next stage of development, the e-CNY will work to protect confidential data when using the tool, as well as to prevent its use for criminal purposes.

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