China’s central bank to expand digital yuan pilot program
The People’s Bank of China (PBoC) has listed the “orderly expansion of the scope of the digital yuan pilot” as one of its key tasks in the second half of the year, according to a Tuesday press release from the Chinese central bank’s second-half-year work plan.
See related article: Covid-19, postponed Asian Games to push digital yuan into the slow lane?
Fast facts
- This is the second time the People’s Bank of China has mentioned the expansion of the digital yuan pilot program in a month.
- In a press conference on July 13, Zou Lan, director of the Monetary Policy Department of the central bank, said the scope of the digital yuan pilot will be expanded at an orderly pace.
- China has seen more than 264 million yuan digital yuan transactions, with a total volume topping 83 billion yuan (about US$12.3 billion) as of May 31 in the year of 2022, the central bank revealed.
- In April 2022, the PBoC announced it will add 11 more cities to join the pilot list, and now the digital yuan is available in 23 cities across the country.
See related article: Complete anonymity never a consideration for CBDC: PBoC official
