Chinese authorities to expand the use of digital yuan

The country is gradually increasing the number of regions that have launched a pilot project to use e-CNY

12.09.2022 - 13:50

349

1 min

What’s new? China's monetary policy regulator has called for better integration between the digital yuan (e-CNY) system and traditional electronic payment instruments. The People's Bank of China (PBOC) says it will improve convenience for e-CNY users. According to PBOC deputy governor Fan Yifei, more efforts should be made to expand the conditions for using the digital yuan to achieve this goal. This was reported by ChinaDaily.

Information on ChinaDaily's website

What else does Yifei say? He specified that rules and standards in areas such as digital identities, Bluetooth, and QR codes should be unified to facilitate the interconnection of different types of payment systems. The deputy governor also stressed the importance of enhancing the security of the digital yuan platform. He highlighted the upgrading of relevant technologies to prevent leakage of users' confidential information.

How does the government act to implement CBDC? Chinese authorities are promoting the digital yuan through a series of “red envelope” campaigns, handing out millions of dollars in e-CNY to encourage its use. They are also gradually increasing the number of regions covered by the digital yuan pilot project.

The areas of use have also expanded significantly, the latest of which relates to the public transportation sector. In August, the subway system operator in Ningbo, in the eastern province of Zhejiang, began accepting digital yuan payments, and Guangzhou authorities allowed bus passengers to buy tickets using the state's digital currency.

Author: