S

enior Central Bank Official stated that it would broaden the scope of current digital yuan trials to include the entirety of some of the country's most populous and established provinces by the end of the year.

By the end of 2022, the entire provinces of Guangdong, Jiangsu, Hebei, and Sichuan will be developing the digital yuan, also known as the e-CNY, according to Fan Yifei, deputy governor of the People's Bank of China, as quoted by the Shanghai Securities News this week.

Several of these provinces' major cities have already begun pilot programs for central bank digital currencies (CBDCs), which are the digital equivalents of a country's fiat currency.

If the expansion goes ahead as planned, the pilot area in mainland China will now include five provinces and 16 cities outside of those regions. According to Forkast's calculations, the area would house more than 572 million people.

The country’s e-CNY has been in testing since 2014, and it is largely viewed as the most innovative of the major economies evaluating the concept.

Xinjiang, Tibet, and Inner Mongolia are among the 13 provinces and regions in China that have yet to begin testing the digital yuan. Most of these provinces are located in inland areas of China and are less economically developed.

Although Chinese officials have lofty goals for the digital yuan, consumers appear to be less eager to use it in comparison to other forms of payment.

In accordance with a central bank report, the trading volumes in the first five months of 2022 were only 83 billion yuan (US$11.8 billion), compared to 31.58 trillion yuan (US$1.93 trillion) during the first quarter of the year for fees paid via mobile devices.

What do you think about the expansion of the digital Yuan to populated areas of the country? Will it be successful? Drop your comments by sharing this article on social media.

Posted 
Sep 21, 2022
 in 
Crypto News
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