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News

China Will Expand CBDC Trials To 4 Provinces Of The Country

September 20, 2022 - Around 2 mins mins to read
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.
China Will Expand CBDC Trials To 4 Provinces Of The Country

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.

China Will Expand CBDC Trials To 4 Provinces Of The Country

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

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Harold

CoinCu News

CBDC

China

e-cny

Guangdong

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

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.
China Will Expand CBDC Trials To 4 Provinces Of The Country

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.

China Will Expand CBDC Trials To 4 Provinces Of The Country

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