China’s central bank said on Saturday it would further expand a pilot project for its digital currency to other regions, including cities in the eastern province of Zhejiang.
The People’s Bank of China said it will promote the research and development of digital yuan, dubbed e-CNY, and expand the scope of the pilot project, according to a statement.
Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen and six cities in Zhejiang province will be added to the ten big “pilot” cities to test the use of e-CNY, he said.
The six cities in Zhejiang, which include the provincial capital Hangzhou, will host the Asian Games in September.
The Bank has stepped up testing of its digital currency in recent years and hoped to take advantage of the Beijing Winter Olympics to have an opportunity to further the globalization of the yuan.
However, Beijing’s plan was thwarted by a Covid-19-induced exclusion of foreign fans. Instead, it was taken over by a local audience unable to use their usual digital payment apps.
The bank’s statement also stated that Beijing and Zhangjiakou, which co-hosted the Winter Games in February, will also become pilot cities for the e-CNY.
Source: CNN Brasil
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