According to the central bank of China, the People’s Bank of China, the country will expand testing of the digital yuan to more areas, cities and regions.
The bank has reported that the market reaction to the use of the digital yuan in pilot cities and at winter Olympic venues has been good, and the scale of users and transactions has been steadily increasing.
As the next step to promote the use of CBDCs, the central bank has said it is working to protect privacy and prevent fraud, as well as to study the impact of the digital yuan on the country’s financial system.
Previous testing has taken place in Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian and Beijing.
In the near future, the list of cities participating in the pilot will include Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, Hangzhou, Ningbo, Wenzhou, Huzhou, Shaoqing and Jinhua.
Beijing and Zhangjiakou, the cities that hosted the Winter Olympic Games and the Winter Paralympic Games, have continued to use the digital yuan after the end of the competitions.
