The digital yuan testing program is being expanded to 11 cities with a population of more than 100 million people.
The People’s Bank of China (PBOC) released a statement announcing the results of the pre-pilot testing of the digital yuan (e-CNY) and plans for the next phase. In particular, Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen and the six cities of Zhejiang province, where the Asian Games are held, are connected to the test. So the number of Chinese citizens with access to the digital yuan will grow by more than 100 million people.
Earlier, the digital yuan was used in Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian and the Beijing Olympic Winter Games area. All of these locations continue to participate in the digital yuan pilot program.
There are also plans to actively use the e-CNY in two upcoming major sporting events: the Summer World University Games in Chengdu and the Asian Games in Hangzhou.
The regulator intends to continue working on personal data security and combating the use of the digital yuan in criminal activities. The People’s Bank of China specialists also plan to conduct an “in-depth study” of CBDC’s impact on the PRC’s financial system.
