The People’s Bank of China has announced that it has expanded its digital yuan pilot program to 11 more cities, including Hangzhou, which hosted the Asian Games in September.
11 cities to test China’s central bank digital currency (CBDC), Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen and six cities and Zhejiang province. Residents of at least five of the 11 pilot cities were able to access their digital yuan wallets until Friday, April 1. With the latest announcement, residents of 23 cities have access to the digital yuan.
China’s CBDC – digital yuan or e-CNY – began trials in Shenzhen in October 2020 and surpassed US$11.24 billion in historic transactions by the end of 2021. The digital yuan recently made its international debut at the Winter Olympics. Finally, the digital yuan will be showcased at two upcoming major sports events, the Chengdu Summer University Games and the Hangzhou Asian Games.
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