- The digital yuan (e-CNY) is already available in some regions in 17 Chinese provinces.
- The Central Bank of China is still actively promoting activities to develop e-CNY to optimize payment methods.
- Since 2022, the piloting of a e-CNY has made breakthroughs in many ways.
The Central Bank said many places have piloted the digital yuan and will continue to implement innovative applications of the digital yuan in the future.
On January 30, according to CCTV news, since 2022, the e-CNY’s piloting has made many breakthroughs.
Up to now, the People’s Bank of China has piloted the digital yuan in some areas of 17 provinces. By 2022, nearly 30 digital yuan consumer red envelope activities will be carried out in each pilot area around the themes of “promoting consumption” and “low-carbon tourism.”
The People’s Bank of China stated that in the future, they would continue to implement innovative applications of e-CNY to realize the connection between the digital yuan system and traditional electronic payment tools so that consumers can “scan with a code” and merchants can support various transactions without increasing costs as much as possible.
As updated in an earlier Coincu News article, The Soochow Securities mobile application now allows investors to purchase securities using the e-CNY. The e-CNY payment feature of Soochow Securities, which was introduced in collaboration with the Bank of China, enables investors to buy wealth management products with the digital yuan.
Earlier in July 2022, China also increased the number of e-CNY testing locations from 11 to 23 to make the e-CNY more widespread.
By launching its national digital currency, China hopes to reshape the way its government-backed currency works with standards different from cash and digital deposits.
Unlike Bitcoin, which is designed to be decentralized so that no company or government can control it, central banks will issue digital currencies to give them the advantage of financial control. These currencies are a cash alternative and can make it easier for governments to track financial transactions to prevent money laundering, financial fraud, and terrorist financing.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu