China’s reserve bank, the People’s Bank of China, has actually included more cities to evaluate its digital money. According to the most up to date main information, the digital yuan has greater than 261 million individuals.
PBOC Adds More Cities to Test Its CBDC
The Chinese reserve bank, the People’s Bank of China (PBOC), claimed Saturday that it is including more pilot cities to evaluate its reserve bank digital money (CBDC), the digital yuan (e-CNY).
The brand-new pilot cities are Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and also 6 cities in the Zhejiang district that will certainly hold the 2022 Asian Games in September. The 6 cities are Hangzhou, Ningbo, Wenzhou, Shaoxing, Jinhua, and also Huzhou.
The digital yuan is currently being evaluated in 10 significant cities: Shenzhen, Shanghai, Suzhou, Xiong’an, Chengdu, Hainan, Changsha, Xi’an, Qingdao, and also Dalian. It was additionally evaluated at the Winter Olympics in Beijing.
Commenting on its digital money, the Chinese reserve bank specified:
Policies should be made to promote creative thinking and also excitement amongst the financial institutions, modern technology companies, and also the city government in the advancement, promo and also spreading of the digital yuan.
“In the process of promotion, competition should be encouraged,” the PBOC included.
Besides the brand-new digital yuan pilot cities revealed by the PBOC, Hong Kong intends to quickly turn out a pilot plan for making use of the e-CNY for purchasing and also eating, Eddie Yue Wai-male, chief executive officer of the Hong Kong Monetary Authority (HKMA), claimed in February.
According to the most up to date information from the Chinese reserve bank, the digital yuan had 261 million distinct individuals at the end of 2021. In enhancement, deals worth 87.5 billion yuan ($13.8 billion) have actually been used the e-CNY.
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