China central bank expands digital yuan pilot scheme to more cities
SHANGHAI (Reuters) – China’s central financial institution stated on Saturday it’s going to additional develop a pilot scheme of its digital foreign money to extra areas, together with cities within the jap Zhejiang province which is about to host the Asian Video games later this yr.
The Folks’s Financial institution of China (PBOC) stated it’s going to promote the analysis and improvement of the digital foreign money, dubbed e-CNY, and develop the scope of the pilot scheme, in line with a web based assertion.
Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen and 6 cities within the coastal Zhejiang province can be added to the present 10 main “pilot” cities to check the use e-CNY, it stated.
The six cities in Zhejiang, which included the provincial capital of Hangzhou, will host the Asian Video games in September.
The PBOC has ramped up testing of the digital foreign money in recent times and hoped to benefit from the Beijing Winter Olympics as a possibility to advertise the yuan globalisation.
Nevertheless, Beijing’s intention to make an Olympic splash with its digital foreign money was thwarted by a COVID 19-induced exclusion of overseas spectators. As an alternative, it has been taken up by a captive viewers of locals unable to make use of their traditional digital cost apps.
The PBOC assertion additionally stated Beijing and Zhangjiakou, which co-hosted the Winter Video games in February, can even develop into e-CNY’s pilot cities.
(Reporting by Winni Zhou and Ryan Woo; Enhancing by Mike Harrison)
