China to Expand Digital Yuan Testing in Pilot Cities to Provincial Level – Finance Bitcoin News

China’s central bank intends to expand its digital yuan trial area in four regions of the country. A top representative of the monetary authority announced the move while noting that the People’s Bank of China has been stepping up its digitization efforts this year.

The Government Increases Digital Yuan Coverage in 4 Chinese Provinces

The Chinese authorities will expand the application scope of the digital yuan in four of the pilot city in the project to their remaining provinces. These are Shenzhen in South China’s Guangdong province, Suzhou in eastern Jiangsu province, Xiongan New Area in Hebei province in the north, and Chengdu in Sichuan province, Southwest China.

With the upgrade to a province-wide trial in these regions, authorities in Beijing hope to “continue to promote the innovation of cryptocurrencies recognized in China,” English-language newspaper Global Times said. wrote, citing a report by business portal published on Monday.

The plan was announced by the Vice Governor of the People’s Bank of China (PBOC) Fan Yifei in an economic forum this week. The senior official emphasized that the monetary policy regulator has been pushing for financial digitization since the beginning of this year. He noted that the administration has outlined the country’s fintech development for the period up to 2025.

Fan also emphasized the importance of securing key technologies to strengthen China’s financial system and build a financial infrastructure that can adapt to the development of the digital economy. and support the transformation of the Chinese economy.

The PBOC CEO pointed out that the digital yuan has been deployed across many economic sectors, including retail and wholesale, catering, entertainment, tourism, and government payments. , through both online and offline channels. He emphasized that the utility of the digital yuan in the first four pilot cities should be extended to the provincial level.

Fan Yifei’s latest statement came after the vice governor earlier this month urge to expand the array use-case situation for China’s central bank digital currency (CBDC). He also called for improved integration between the digital yuan system and traditional tools for electronic payments to increase convenience for users of the e-CNY platform.

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CBDC, Central bank, China, Chinese people, cities, Electronic money, Electronic money, Electronic money, Digital currency, Digital Yuan, e-CNY, PBOC, Pilot, project, provinces, Test, test

Do you expect China to further expand the test area for the digital yuan this year? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Becoming a writer is in my nature, rather than what I do”. Besides cryptocurrency, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons, humphery

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