China to roll out next phase of digital yuan testing

China is to launch trials of its central bank digital currency (CBDC) in more cities and regions across the country after rolling out a pilot version of the digital yuan wallet app in January and trialling the CBDC during the Beijing Winter Olympics.

Cities and regions applying for permission to begin testing the digital yuan include Henan, Jujian and Heilongjiang provinces and the cities of Guangzhou, Chongqing, Fuzhou and Xiamen, according to a Reuters report

“An official at People’s Bank of China said that the e-CNY was used for 2m yuan (US$317,000) in daily transactions at the Olympics trial,” the report adds.

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