menuIcon
$ 99,507.1
BTC
$ 99,507.1
2.61 %
$ 1,976.39
ETH
$ 1,976.39
7.95 %
$ 0.7230
ADA
$ 0.7230
6.95 %
$ 613.91
BNB
$ 613.91
0.96 %
$ 154.85
SOL
$ 154.85
5.20 %
Gungun Bhatia
Sep 20, 2022
by Gungun Bhatia

China to Expand CBDC Trial to Most Populous Provinces

CBDC

Table of contents

  1. Lottery-Style Events
  2. Desire to Investigate CBDC
  3. e-CNY Wallet For Subway Fares
According to the South China Morning Post (SCMP), China's central bank (CBDC) will expand the experiment of its e-CNY digital money to four major regions, including Guangdong, the most populous.

Deputy Governor Fan Yifei announced at a financial conference on Monday that the People's Bank of China (PBOC) would also involve Jiangsu, Hebei, and Sichuan in the experiment. According to Yifei, there is no specific timeline for the expansion. It would occur at the right moment.

Lottery-Style Events

Over the past two years, trials of the nation's central bank digital currency (CBDC) have been conducted. They have often been lottery-style events that are city-wide and give out relatively small sums of money to a greater number of participants. To promote acceptance, merchants were also urged to accept payments in e-CNY. Approximately 140 million users had opened e-CNY wallets as of October last year, and transactions worth 62 billion yuan had been made.

Desire to Investigate CBDC

In almost every significant economy in the world, the central banks and governments have expressed a desire to investigate the creation of a CBDC, partially in reaction to the surge in the usage of cryptocurrencies. Plans from Sweden and South Korea have also just entered a testing phase, but China is by far the most advanced.

e-CNY Wallet For Subway Fares

Last month, the organization in charge of operating the subway system in the city of Ningbo in the province of Zhejiang in eastern China, Ningbo Rail Transit, was given access to the Central Bank Digital Currency (CBDC) issued by the People's Bank of China, also known as the digital yuan. The business said that 125 sites would take the cash. Customers must link an e-CNY wallet to the application in order to achieve this. This wallet may be opened by any of the six well-known Chinese banks that are actively promoting the digital form of the local currency.

Follow us on: News
China to Expand CBDC
China to Expand CBDC Trial to Most Populous Provinces
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Top Picks