China Central Bank To Increase Number Of e-CNY Test Sites

China will increase the number of digital yuan (e-CNY) test sites from 11 to 23, according to Lan Zou, chief of monetary policy at the People’s Bank of China (PBoC), according to the state-run Xinhua News Agency.

Out of China’s 31 autonomous regions and provinces, they are spread throughout 15. The PBoC, the central bank of China, developed the e-CNY central bank digital currency, or CBDC. At the press conference on Wednesday, Zou praised the success of the most recent e-CNY launch, saying:

“e-CNY trials during the first half of 2022, such as acting as a means of payment during the Beijing Olympics, were spectacularly successful. The e-CNY has been an invaluable tool in improving quality of life, stimulating consumption, growing internal demand, and ensuring steady economic development through its functions such as smart contract utility.”

More e-CNY China test sites should be available

As of May 31, Chinese consumers had made 264 million transactions worth $12.35 billion, or 83 billion CNY, as of the most current statistics release. Nationwide, more than 4,567,000 firms have begun using the CBDC.

In the near future, the PBoC plans to improve its technological capabilities and increase the number of e-CNY test sites, said Zou. During the country’s strict coronavirus lockdowns, provincial and municipal officials frequently worked with China’s internet firms to introduce e-CNY airdrops. Users who received digital yuan could utilize the “gift” at specific platforms and in-app merchant terminals in order to increase consumer spending. The e-CNY can be used to pay a variety of expenses, including taxes, at various municipalities and make purchases of goods for personal use.

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