China’s central bank expands digital yuan pilot scheme to more cities

What

China’s central bank has committed to expanding its digital yuan pilot scheme to include more cities within the country

Why

The PBOC has ramped up testing of the digital currency in recent years to promote the yuan globalisation

What next

Hosts of the Winter Games, Beijing and Zhangjiakou in February will also become pilot cities for the nation’s digital yuan, dubbed e-CNY

The story

An online statement by the People’s Bank of China (PBOC) has revealed that the bank will expand a pilot scheme of its digital currency to more cities in the eastern Zhejiang province which is set to host the Asian Games later this year.

As part of a plan by the PBOC to promote the research and development of the digital currency referred to as e-CNY, Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen and six cities in the coastal Zhejiang province will be added to the existing 10 major “pilot” cities to test it. 

Hosts of the Winter Games, Beijing and Zhangjiakou in February will also become pilot cities for the nation’s digital yuan.

To read more about digital currencies and how they work, visit our learning resource here.

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