China’s state cryptocurrency is becoming more widespread. Thirty-five Chinese banks have added digital yuan wallet support to their mobile apps.
According to the Shanghai Securities Journal publication, small and medium banks in China are preparing to provide their clients with access to the digital yuan. The list of thirty-five organizations includes joint stock companies, city banks and some rural credit cooperatives.
Ninety-four more banks, including three foreign ones, are planning to access the digital yuan through a new clearing platform created by City Bank, a private clearing house and technology provider in Shanghai. Only the six largest state-owned banks in China participated in the initial testing of the digital yuan.
E-commerce giant JD.com, which previously participated in and even funded digital yuan testing, has also successfully tested the government cryptocurrency among business clients on its platform, local media reported.
The digital yuan is being tested all over the country. Recently, digital yuan fare has been introduced in the Beijing subway. The People’s Bank of China has said it will test the government’s cryptocurrency during the Beijing 2022 Winter Olympics. In addition, this month, the Chinese brand Honor launched the first Snapdragon-powered smartphone with support for a digital yuan wallet.
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