The People’s Bank of China (PBOC) is set to expand a pilot of a digital yuan across a range of new locations following the success of the initial program.
According to Tech Wire Asia, shortly after it was launched in early January this year, the digital yuan mobile application – the e-CNY wallet app – has become one of the fastest growing in the country.
The PBOC head of financial markets Zou Lan noted that the wide acceptance comes after over two years of piloting the use of digital yuan in a number of key cities. Trials so far have taken place in Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao and Dalian.
The next steps by the PBOC will be to add Tianjin, Chongqing, Fuzhou, Xiamen, Guangzhou and six cities in the Zhejiang to the pilot study, while also bolstering privacy protection and crime prevention.
In addition, the PBOC noted that it plans to research the impact of the coins on the financial system.
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