Zhejiang urges its cities to host the next digital yuan pilots

China’s Zhejiang wants six of its cities to compete for the next digital yuan pilots, which may open the door for the eastern coastal province to showcase the central bank digital currency (CBDC) during the September Asian Games.  

Fast facts

• The plan was presented in a document to push for financial integration of six cities in the eastern coastal province: Ningbo, Huzhou, Jiaxing, Shaoxing, Zhoushan, and the province’s capital city Hangzhou.
• The upcoming Asian Games will be held in Hangzhou, Zhejiang. 

• Last September, Yiwu city in Zhejiang announced its intention to become a digital yuan pilot city to compete with candidates beyond Zhejiang, such as Tianjin, Fuzhou and Guangzhou. 

• The digital yuan, touted as the most advanced digital currency released by one of the world’s major economies, is expected to be demonstrated in the Beijing Winter Olympics.