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China unveils its plan to extend CBDC trial to four more provinces

According to recent reports, the People’s Bank of China, also known as the PBoC, will extend the distribution of its central bank digital currency, the e-CNY, to four more provinces in China in an effort to extend its reach and increase adoption of the digital currency.

At an event held in Suzhou, the Deputy Governor of the People’s Bank of China, Fan Yifei, was quoted as saying that the bank would be rolling out trials of e-CNY in the provinces of Guangdong, Jiangsu, Hebei, and Sichuan. This information was reported on Tuesday by the South China Morning Post. The rumoured move would represent a significant extension of the central bank’s CBDC ambitions, which have been primarily confined to specific cities, businesses, and chosen areas, considering the total population of more than 360 million people.

South China Morning Post Tweet:

South China Morning Post Tweet
South China Morning Post Tweet

With the first CBDC experiments scheduled to begin in April 2020, the People’s Bank of China (PBOC) has been working toward its long-term goal of completely replacing currency with the digital yuan. It was stated that as of January 2022, 261 million people have established digital wallets for the e-CNY, with a total of over $13 billion worth of transactions.

Additionally, the e-CNY was made available for use as a form of payment on some public transportation vehicles beginning in August. This was done in preparation for the Beijing 2022 Winter Olympics, which would include a number of international competitors.

To this day, neither the People’s Bank of China (PBoC) nor officials from the Chinese government have disclosed any plans to make the CBDC accessible in every region of the nation. Fan predicted that the expansion into the other four provinces would take place “at the appropriate moment.”  

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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