The Chinese central bank is expanding the digital yuan pilot
Software

The Chinese central bank is expanding the digital yuan pilot project to new regions

The People’s Bank of China (PBOC) announced that several other regions of the country will join the pilot program to test the official digital currency, including the eastern province of Zhejiang, which will host the Asian Games later this year.

    Image source: F8_f16 / pixabay.com

Image source: F8_f16 / pixabay.com

According to PBOC, the agency will actively promote the research and development program of the electronic yuan, or e-CNY, so the scope of the pilot project is consistently expanding: in addition to the 10 major cities where testing is already underway, the cities of Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen and six cities in the coastal province of Zhejiang – including the capital of the Hangzhou region, which will host the Asian Games.

The Chinese central bank is actively promoting the digital yuan and does not miss the opportunity to expand the pilot program. The Olympic Games, where e-CNY was the official means of payment, could have been a good opportunity, but the initiative foundered due to the pandemic, in connection with which the number of guests at the event was severely restricted. As a result, local residents were forced to use e-currency – popular payment methods in retail outlets near sports facilities in China were shut down for the duration of the Olympics. And it turned out to be very unprofitable for the Visa system, the official partner of the event.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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