The People Bank of China (PBOC) has announced that China will now expand its digital yuan trials to more areas from the current 11 cities and regions to 11 more cities.
On Saturday, The People’s Bank of China claimed after a meeting chaired by Governor Yi Gang that the market’s response towards the adoption of digital yuan in pilot cities and Winter Olympic venues has been positive. Also, the user and transaction scales have both been “growing steadily”, the bank added.
As per reports, In the follow-up step to promote the use of the digital yuan, the central bank said it will be striving for privacy protection and crime prevention, and would also conduct “deep research” on the impact of the digital currency on the country’s financial system.
The trials have taken place in Shanghai, Suzhou, Xiong’an, Dalian, Shenzhen, Chengdu, Hainan, Changsha, Xi’an, Qingdao, and the closed loop of the 2022 Winter Olympic Games.
Adding to the list of trial cities would be the cities including Shaoxing, Fuzhou, Tianjin, Wenzhou, Xiamen, Chongqing, Guangzhou, Hangzhou, Ningbo, Huzhou, and Jinhua to the list of trial cities.
The PBOC statement also added that both Beijing and Zhangjiakou, will also become e-CNY’s pilot cities.
In fact, Beijing and Zhangjiakou, the co-host cities of the Winter Olympics and Winter Paralympic Games, will carry on with the use of digital yuan after the trials inside the venues of the Games end.
The news comes after PBOC announced support for Asian Games host to carry out the next round of digital yuan pilots.
