There were 261 million e-CNY users at the end of 2021, nearly double the number recorded last October, according to the latest data from the PBOC. The digital yuan has been available for use in about 20 mainland cities designated for e-CNY trials.Ĭhina will expand the trial of its sovereign digital currency to more cities including Chongqing, Tianjin, Hangzhou and Guangzhou, as potential incentives are drawn up for banks, technology firms and local authorities that take part in the e-CNY roll-out, according to a statement published by the PBOC on April 2. Trials have already been taking place in Beijing, Shanghai, Chengdu, Xiongan, Hainan, Changsha, Xian, Qingdao and Dalian. Other cities such as Shenzhen and Suzhou have been involved with e-CNY promotion since late 2019.Īuthorities in cities designated for e-CNY trials have extended support to the digital yuan by developing new infrastructure to push its wider adoption.Īn industrial estate in a suburb of Hangzhou, capital of eastern Zhejiang province, has teamed up with the Bank of China, one of the e-CNY's major banking partners, to facilitate use of digital yuan for employee wages, parking fees and payment for dining within the site, according to a report by local newspaper Hangzhou Daily on Friday. Other recent e-CNY use cases include payment for toll fees at all expressways in southeastern Fujian province and for settling car repair changes in Chongqing in southwest China.Ĭhina's sovereign digital currency roll-out, however, has raised suspicion about Beijing's intent. Robert Greene, a former senior adviser to the US Department of Treasury, published an article last July that said one potential function of the e-CNY was to skirt US financial sanctions. Meanwhile, Hong Kong plans to soon roll out a pilot scheme to use the e-CNY in the city, making the special administrative region the first offshore city to use the digital currency outside mainland China, Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority, said in February during a regular monthly financial affairs panel meeting of the city's Legislative Council. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. Copyright © 2022 South China Morning Post Publishers Ltd.įor more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages.
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