China Will Expand CBDC Trials To 4 Provinces Of The Country
The People’s Bank of China, or PBoC, is apparently planning to expand the use of its central bank digital currency, the e-CNY, to four regions, including Guangdong.
According to the South China Morning Post, PBoC deputy governor Fan Yifei stated at an event in Suzhou on Tuesday that the bank will be conducting e-CNY testing in the provinces of Guangdong, Jiangsu, Hebei, and Sichuan.
The rumored move would be a significant extension of the central bank’s CBDC ambitions, which have been primarily confined to local cities, merchants, and chosen areas, with a total population of more than 360 million people.
As of January 2022, 261 million people had set up digital wallets for the e-CNY, with over $13 billion in transactions. In addition, the government launched the digital currency for visiting foreign athletes during the Beijing 2022 Winter Olympics and began accepting e-CNY as payment for select public buses in August.
Neither the PBoC nor Chinese government officials have revealed a strategy to make CBDC available throughout the country. Fan stated that the four provinces would be included at the appropriate moment.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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China Will Expand CBDC Trials To 4 Provinces Of The Country
The People’s Bank of China, or PBoC, is apparently planning to expand the use of its central bank digital currency, the e-CNY, to four regions, including Guangdong.
According to the South China Morning Post, PBoC deputy governor Fan Yifei stated at an event in Suzhou on Tuesday that the bank will be conducting e-CNY testing in the provinces of Guangdong, Jiangsu, Hebei, and Sichuan.
The rumored move would be a significant extension of the central bank’s CBDC ambitions, which have been primarily confined to local cities, merchants, and chosen areas, with a total population of more than 360 million people.
As of January 2022, 261 million people had set up digital wallets for the e-CNY, with over $13 billion in transactions. In addition, the government launched the digital currency for visiting foreign athletes during the Beijing 2022 Winter Olympics and began accepting e-CNY as payment for select public buses in August.
Neither the PBoC nor Chinese government officials have revealed a strategy to make CBDC available throughout the country. Fan stated that the four provinces would be included at the appropriate moment.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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