Market

Digital Yuan Is Available In 17 Provinces And Actively Promoted By The Central Bank Of China

Key Points:

  • The digital yuan (e-CNY) is already available in some regions in 17 Chinese provinces.
  • The Central Bank of China is still actively promoting activities to develop e-CNY to optimize payment methods.
  • Since 2022, the piloting of a e-CNY has made breakthroughs in many ways.
The Central Bank said many places have piloted the digital yuan and will continue to implement innovative applications of the digital yuan in the future.

On January 30, according to CCTV news, since 2022, the e-CNY’s piloting has made many breakthroughs.

Up to now, the People’s Bank of China has piloted the digital yuan in some areas of 17 provinces. By 2022, nearly 30 digital yuan consumer red envelope activities will be carried out in each pilot area around the themes of “promoting consumption” and “low-carbon tourism.”

The People’s Bank of China stated that in the future, they would continue to implement innovative applications of e-CNY to realize the connection between the digital yuan system and traditional electronic payment tools so that consumers can “scan with a code” and merchants can support various transactions without increasing costs as much as possible.

As updated in an earlier Coincu News article, The Soochow Securities mobile application now allows investors to purchase securities using the e-CNY. The e-CNY payment feature of Soochow Securities, which was introduced in collaboration with the Bank of China, enables investors to buy wealth management products with the digital yuan.

Earlier in July 2022, China also increased the number of e-CNY testing locations from 11 to 23 to make the e-CNY more widespread.

By launching its national digital currency, China hopes to reshape the way its government-backed currency works with standards different from cash and digital deposits.

Unlike Bitcoin, which is designed to be decentralized so that no company or government can control it, central banks will issue digital currencies to give them the advantage of financial control. These currencies are a cash alternative and can make it easier for governments to track financial transactions to prevent money laundering, financial fraud, and terrorist financing.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

Victor

Recent Posts

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

3 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

26 minutes ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

55 minutes ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

3 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

4 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

4 hours ago

This website uses cookies.