China’s Central Bank Adds More Digital Yuan Pilot Cities

China"s Central Bank Adds More Digital Yuan Pilot Cities

China’s central bank, the People’s Bank of China, has added more cities to test its digital currency. According to the latest official data, the digital yuan has more than 261 million users. PBOC Adds More Cities to Test Its CBDC

The Chinese central bank, the People’s Bank of China (PBOC), said Saturday that it is adding more pilot cities to test its central bank digital currency (CBDC), the digital yuan (e-CNY).

The new pilot cities are Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and six cities in the Zhejiang province that will host the 2022 Asian Games in September. The six cities are Hangzhou, Ningbo, Wenzhou, Shaoxing, Jinhua, and Huzhou.

The digital yuan is already being tested in 10 major cities: Shenzhen, Shanghai, Suzhou, Xiong’an, Chengdu, Hainan, Changsha, Xi’an, Qingdao, and Dalian. It was also tested at the Winter Olympics in Beijing.

Commenting on its digital currency, the Chinese central bank stated: Policies must be designed to stimulate creativity and enthusiasm among the banks, technology firms, and the local government in the development, promotion and proliferation of the digital yuan.

“In the process of promotion, competition should be encouraged,” the PBOC added.

Besides the new digital yuan pilot cities announced by the PBOC, Hong Kong plans to soon roll out a pilot scheme for the use of the e-CNY for shopping and dining, Eddie Yue Wai-man, CEO of the Hong Kong Monetary Authority (HKMA), said in February.

According to the latest data from the Chinese central bank, the digital yuan had 261 million unique users at the end of 2021. In addition, transactions worth 87.5 billion yuan ($13.8 billion) have been made using the e-CNY. Tags in this story central bank digital currency, China, chinese digital currency, Digital Yuan, PBOC

What do you think about China adding more cities to test its central bank digital currency? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Average Ethereum Gas Fee Jumps to $20 per Transfer, L2 Fees Follow Rise ALTCOINS | 2 days ago Tesla CEO Elon Musk Shares Dogecoin Video — Says It "Explains Everything" ALTCOINS | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCoincheck Labs, Which Supports Startups Related to Crypto Assets and NFTs That Will Lead the Age of Web3, Has Been Launched Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItUS Bond Markets Signal Economic Downturn, Trend Forecaster Says if War Ensues "Odds of Recession Increase"

As Americans continue to deal with rising inflation, on Tuesday the spread between 2-year and 10-year Treasury yields inverted, signaling the U.S. economy may be headed for a recession. This week, a myriad of financial reports have noted that the ... read more.NFT Marketplace Opensea to Add Credit Card, Apple Pay Support via Moonpay 19 Million Bitcoin Have Been Mined Into Circulation, 2 Million Left to Be Found US Senator Cruz Introduces Bill to Prevent Federal Reserve From Using Digital Currency as Surveillance Tool Study: 10% Growth in Crypto Market Cap Reduces Value of African Firms by 0.76%