China’s Central Bank Adds More Digital Yuan Pilot Cities – Altcoins Bitcoin News
China’s central bank, the People’s Bank of China, has added more cities to test its digital currency. According to the latest official figures, the digital yuan has over 261 million users.
PBOC adds more cities to test its CBDC
The Chinese central bank, the People’s Bank of China (PBOC), said on Saturday that it is adding more pilot cities to test its central bank digital currency (CBDC), the digital yuan (e-CNY).
The new pilot cities are Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen and six cities in Zhejiang province that will host the 2022 Asian Games in September. The six cities are Hangzhou, Ningbo, Wenzhou, Shaoxing, Jinhua and Huzhou.
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 at the Winter Olympics in Beijing.
Commenting on its digital currency, the Chinese central bank said:
The policies should be designed to encourage creativity and enthusiasm among banks, technology firms and local government in the development, promotion and dissemination of the digital yuan.
“In the process of promotion, competition should be encouraged,” PBOC said.
In addition to the new digital yuan pilot cities announced by the PBOC, Hong Kong plans to launch a pilot scheme for the use of e-CNY for shopping and dining soon, said Hong Kong Monetary Authority (HKMA) CEO Eddie Yu Wai-man. ), said in February.
According to the latest figures from the Chinese central bank, the digital yuan had 261 million unique users at the end of 2021. In addition, 87.5 billion yuan ($13.8 billion) have been transacted using e-CNY.
What do you think about China adding more cities to test its central bank digital currency? Let us know in the comments section below.
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