The People’s Bank of China has decided to add 10 cities to be tested to promote research and development of digital yuan (E-CNY).
Citing the People’s Bank of China’s announcement, the media said it plans to expand the digital yuan test area to six cities, Tianjin, Chongqing, Guangzhou, Fujian, Fuzhou and Xiamen, and Zhejiang.
In a statement posted on the website, the People’s Bank of China said, “We will faithfully promote the role of designated operating institutions, accelerate pilot applications and related ecosystems, strengthen safety and risk prevention systems, and deepen research on legal and standard systems.”
In January, the People’s Bank of China said in a briefing at the press office of the State Council that as of December 31, 2021, there were more than 8,085,100 pilot transactions of digital yuan, 261 million personal wallets, and 87.565 billion yuan.
The new Zhejiang city, which will be tested for the digital yuan, will hold the ASEAN Games in September in Hangzhou, the capital city.
The People’s Bank of China also tested the use of digital yuan in Beijing and Zhangjacou, Hebei Province, where the 2022 Winter Olympics and Paralympics were held in February.
According to Mu Chang-chun, director of the People’s Bank of China’s Digital Currency Research Institute, the average daily payment of digital yuan at the Beijing Winter Olympics exceeded 2 million yuan.
