China is expanding its digital transformation efforts for its official currency, the Yuan, to the entire country.
China is trying to integrate the official currency Yuan into its digital currency through the Central Bank. Fan Yifei, Vice President of the People’s Bank of China, made statements about digital transformation efforts at the economic forum.
China Expands Its Digital Transformation Work Nationwide
China has so far completed tests for cryptocurrencies in 23 different cities. As a result of the latest statements and planning, China, which has been working in 4 different cities for the Digital Yuan, wants to expand its tests across the entire province and complete the digital transformation.
Underlining that the Central Bank has accelerated economic digitalization since the beginning of 2022, Yifei stated that they published a financial development draft as a result of their work. The draft, which includes the digitization process of the Chinese currency Yuan, is planned to cover the years 2022-2025.
In the test studies for the digital transformation of Yuan, shopping trials are carried out in the stores within the scope of the test zone. It was noteworthy that the Vice President of the People’s Bank of China, Fan Yifei, stated that they also addressed the category of government payments according to online and offline usage channels in the tests. China, which has been successful in the tests so far, wants to expand its coverage areas and test cities and finish the process of digitizing the Yuan by 2025.
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