China Broadens the Scope of the e-CNY Pilot

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On April 2, the People’s Bank of China (PBoC) stated that Tianjin, Chongqing, Guangzhou, Fuzhou, and Xiamen, as well as six cities in Zhejiang Province hosting the Asian Games, would be included as additional trial regions for the country’s digital currency, or e-CNY.

After a test phase during the 2022 Beijing Winter Olympics and Winter Paralympics, Beijing and Zhangjiakou, Hebei Province, will be designated as pilot zones.

Pilot cities for the e-CNY currently span the majority of the nation. It’s worth noting that Meituan, a Chinese food delivery behemoth, led the charge in offering consumption subsidies for the new test towns. On Wednesday, WeChat said that it now offers e-CNY in all test zones. After setting up a WeBank e-CNY wallet with their actual identity, users may complete payments using the e-CNY APP or their WeChat accounts.

Shenzhen, Shanghai, and Suzhou are among the ten main cities where the digital yuan is being tested. It was also put to the test during the Beijing Winter Olympics. By the end of 2021, the e-CNY had been tried in over 8,085,100 pilot situations, and 261 million private e-CNY wallets had been registered, totaling 87.565 billion yuan ($13.75 trillion) in transactions.

China digital yuan: PBOC to expand e-CNY use

The e-CNY App (pilot version) was formally released this year, with over 20 million installations, encouraging the exchange of digital RMB on digital platforms even further. In the domains of wholesale and retail, catering, and cultural tourism, a variety of online and offline application models that may be copied and marketed have emerged.

In the future, as the pilot project expands, e-CNY will put a greater focus on enhancing users’ everyday lives. As per industry professionals, at this point, the interaction of e-CNY and the internet will become more crucial, and digital platforms with rich consumption prospects will play a larger role in promoting the digital yuan’s popularization.

According to research by Essence Securities, the expansion of the e-CNY industry is likely to draw more than 100 billion yuan ($15.7 billion) in investment. According to the organization, investors should pay attention to enterprises in categories such as financial equipment, bank IT, payment, and encryption techniques.

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