The People’s Bank of China said it expanded its digital yuan pilot program to 11 more cities, including in Hangzhou, which hosts the Asian Games in September.
See related article: The digital yuan’s de-dollarization
Fast facts
- The 11 cities that will trial China’s central bank digital currency (CBDC) are 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 digital yuan wallets as early as Friday, April 1.
- With the latest announcement, residents in 23 cities can access the digital yuan.
- China’s CBDC — the digital yuan, or e-CNY — started trials in Shenzhen in October 2020, and topped US$11.24 billion in historical transactions by the end of 2021.
- The digital yuan recently concluded its international debut at the Winter Olympics.
- In the latest batch, the digital yuan will be showcased at two upcoming major sporting events, the Chengdu Summer Universiade and the Hangzhou Asian Games.
See related article: Asian Games set for digital yuan, metaverse pilots, tech firm claims