An anonymous company based in Hangzhou told state media that it has signed deals with major commercial banks to facilitate the digital yuan, hinting China’s southeastern city could be a winning bidder for an upcoming batch of digital yuan pilot programs.
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- Hangzhou’s administrative region Zhejiang Province proposed in January to showcase the digital yuan during the September Asian Games.
- The central bank digital currency (CBDC) has been trialed in 10 cities and recently finished its high-profile showcase at the Beijing Winter Olympics.
- The digital yuan, or e-CNY, is China’s CBDC, which topped US$11.24 billion in historical transactions last year.
- In addition to Hangzhou, cities in five more provinces and two municipalities are in the race to host the third batch of digital yuan pilot programs.
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