China will take its digital asset pilot to other provinces

The deputy governor of the People's Bank of China announced that the project will be brought to Guangdong, Jiangsu, Hebei and Sichuan

The People’s Bank of China recently announced that it will expand the digital currency pilot program to four other provinces in the Asian nation.

Information published by local media indicated that the deputy governor of the financial institution, Fan Yifei, indicated at an event that the bank plans to carry out tests with the e-CNY in Guangdong, Jiangsu, Hebei and Sichuan.

With a combined population of more than 360 million people, this move would mark a notable expansion of the central bank’s CBDC schemes, which have been largely limited to individual cities, merchants and select regions.

From 2020, China aims to carry out the replacement of cash with the digital yuan. To date, some 261 million users had created digital wallets with transactions in excess of $13 billion.

The country also launched digital currency for foreign athletes visiting the country during the 2022 Beijing Winter Olympics and began allowing e-CNY to be used as payment for certain public buses in August.

K. Tovar

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Source: Cointelegraph

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