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China Broadens Digital Yuan Testing in Pilot Cities

21-Sep-2022 By: Shikha Jha
China Broadens Digit

China's central bank plans to broaden the scope of its digital yuan 

Currency testing in four regions of the nation. 

A top official from the monetary body announced the move, emphasizing that the People's Bank has been pushing its digitization efforts this year.

Chinese authorities plan to expand the use of digital yuan in four of the project's first pilot cities to the rest of their respective territories. These are Shenzhen in Guangdong Province, Suzhou in Jiangsu Province, Xiongan New Area in Hebei Province in the north, and Chengdu in Sichuan Province in Southwest China.

As per reports, the government in Beijing intends to continue pushing the innovation of China's acknowledged cryptocurrency with the upgrade to province-wide testing in these locations.

Deputy Governor of the People's Bank of China (PBOC) Fan Yifei disclosed the plan this week at an economic conference. The high-ranking official noted that the monetary policy regulator has been advancing financial digitization since the beginning of this year. He mentioned that the authority has laid out the country's financial technology development strategy until 2025.

Fan also emphasized the significance of safeguarding critical technology in order to strengthen China's financial system. They also underscored building financial infrastructure that can adapt to the growth of the digital economy and assist the Chinese economy's transformation.

According to the PBOC executive, the digital yuan has been adopted across several economic sectors, including retail and wholesale, catering, leisure, tourist, and government payments, using both online and offline means. He insisted that the use of the digital yuan in the initial four trial cities be expanded to the provincial level.

Fan Yifei's recent remarks came after the deputy governor earlier this month advocated the expansion of the range of use-case scenarios for China's CBDC. He also advocated for better integration of the digital yuan system and traditional electronic payment mechanisms to boost convenience for e-CNY platform users.

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