On March 31, the People’s Bank of China held a symposium on its digital yuan trials and announced plans to expand the scope of the central bank digital currency (CBDC) pilot to include more regions.
The announcement follows the successful completion of major eCNY pilot projects such as the 2022 Beijing Winter Olympics and Winter Paralympics. This will be the second expansion of the pilot area, as the bank seeks to “expand the scope of the pilot program in an orderly manner”. It will at least double the number of cities by including Tianjin, Beijing, Hebei, Chongqing, Guangzhou in Guangdong, Fuzhou and Xiamen in Fujian, and six cities in Zhejiang that will host the Asian Games.
The central bank believes that the number of users, merchants and transactions participating in the pilot has grown steadily, and the market has responded well, justifying the expansion.
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