China's Central Bank to Expand Deployment of e-CNY Test Sites
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"e-CNY trials during the first half of 2022, such as acting as a means of payment during the Beijing Olympics, were spectacularly successful. The e-CNY has been an invaluable tool in improving quality of life, stimulating consumption, growing internal demand, and ensuring steady economic development through its functions such as smart contract utility."
Increase the Number of e-CNY Test Sites
According to the most recent statistics update, as of May 31, Chinese consumers had spent 264 million transactions, or $12.35 billion, or 83 billion CNY. Over 4,567,000 businesses nationwide have started taking the CBDC.
According to Zou, the PBoC intends to advance its technological capabilities and expand the number of e-CNY test sites in the coming time. Provincial and municipal officials routinely collaborated with China's digital companies to introduce e-CNY airdrops during the country's tight coronavirus lockdowns. To boost consumer spending, users who got digital yuan could use the "gift" at particular platforms and in-app merchant terminals. The e-CNY can be used to pay various bills, like taxes, at different municipalities and purchasing consumer products.