China’s central bank intends to expand the area covered by the digital yuan currency experiment to four regions of the country. A senior representative of the monetary authority pointed out that Public Bank is intensifying its digitization efforts this year.
The government is set to increase digital yuan coverage in 4 provinces in China.
Chinese authorities are set to expand the implementation area of the digital yuan in the project’s four initial test cities to the rest of their districts. These are Shenzhen in southern China’s Guangdong Province, Suzhou in eastern Jiangsu Province, Xiongan New Area in Hebei Province in the north, and Chengdu in southwestern China’s Sichuan Province.
With the reform of the district-wide test in these regions, the government in Beijing hopes to “continue to push the innovation of the Chinese recognition of cryptocurrency,” wrote the English-language newspaper Global Times, citing a report by the business news portal Cnstock.com. Published on Monday.
Fan Yifei, deputy governor of the People’s Bank of China, announced the plan at an economic forum this week. The senior official emphasized that the monetary policy regulator is accelerating financial digitalization at the beginning of this year. The authority outlined the country’s financial technology development plan till 2025.
Fan underlined the importance of securing key technologies to develop China’s financial system and build financial infrastructures that are compatible with the development of the digital economy and support China’s economic transformation.
The PBOC executive pointed out that digital yuan has been applied in various sectors of the economy, including retail and wholesale, dining, entertainment, tourism and government payments, online and offline channels. In the first four test cities, they stressed that digital yuan services should be expanded at the provincial level.
Supporter Yifei’s latest statements earlier this month prompted the vice governor to expand the conditions of use for China’s central bank digital currency (CBDC). He also stressed that the e-CNI platform should improve the integration between the digital yuan system and traditional tools for electronic payments to increase the convenience of users.
Do you expect China to further expand the digital yuan testing ground this year? Tell us in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Humble
DisclaimerThis article is for informational purposes only. It is not an offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the Author shall be liable, directly or indirectly, for any damages or losses arising out of the use of or reliance on any content, goods or services referred to in this paragraph.