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PBOC to Expand Digital Yuan Trial to Four Whole Provinces
Published on: 2022-09-21
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The People’s Bank of China, or PBoC, will reportedly expand deployment of its central bank digital currency, the e-CNY, to four of the country’s provinces, including Guangdong.
 

PBoC deputy governor Fan Yifei said at an event in Suzhou that the bank would be rolling out e-CNY trials in the provinces of Guangdong, Jiangsu, Hebei and Sichuan. With a combined population of more than 360 million people, the reported move would be a marked expansion of the central bank’s CBDC plans, which have been largely limited to individual cities, merchants and select regions.
 

With its first CBDC trials launched in April 2020, China’s central bank has been aiming to eventually replace cash with the digital yuan. As of January 2022, a reported 261 million users have set up digital wallets for the e-CNY with more than $13 billion worth of transactions. The country also rolled out the digital currency for visiting foreign athletes during the Beijing 2022 Winter Olympics and began allowing the use of the e-CNY as payment for certain public buses in August.
 

To date, neither the PBoC nor Chinese government officials have announced a plan to make the CBDC available across the entirety of the country. Fan said the expansion to the four provinces would happen “at a proper time.”
 

四地数字人民币试点将适时逐步扩围至全省

9月19日,中国人民银行党委委员、副行长范一飞在“第二届长三角数字金融产业创新周开幕式暨苏州市金融支持产业创新集群发展大会”上表示,未来将适时推动深圳、苏州、雄安、成都四地的试点范围扩围,逐步扩大至全省。

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