The People’s Bank of China (PBOC) intends to expand the geography of the pilot program for testing the state cryptocurrency, connecting to it in 17 more provinces of the country.
The Central Bank of China announced “significant progress and breakthrough in many aspects” during the first stages of testing the digital yuan (e-CNY). Based on its positive experience, the financial regulator announced that 17 more provinces of the country will join the next stage of the “experimental industrial operation” of the CBDC. The expanded pilot project will include about 30 special thematic events on the practical application of the digital yuan.
In addition, the NBK plans to integrate e-CNY and traditional electronic payment instruments so that consumers can use CBDC in a familiar environment. For example, Soochow Securities, a dedicated mobile app built to serve CBDCs, now allows investors to purchase securities using e-CNY, making it more accessible to invest.
The PBOC stated that it will continue to introduce innovative applications in the future to realize the interconnection between the digital yuan ecosystem and traditional electronic payment instruments.
Earlier, the People’s Bank of China announced the launch of the Universal Digital Payments Network (UDPN) cross-border payment system for settlements in stablecoins and CBDC, which will fulfill the same role as the Society for Worldwide Interbank Financial Telecommunications (SWIFT).
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