China’s digital yuan is now in 23 cities

The People’s Bank of China said it expanded its digital yuan pilot program to 11 more cities, including in Hangzhou, which hosts the Asian Games in September.

See related article: The digital yuan’s de-dollarization

Fast facts

• The 11 cities that will trial China’s central bank digital currency (CBDC) are Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and six cities and Zhejiang province.

• Residents of at least five of the 11 pilot cities were able to access digital yuan wallets as early as Friday, April 1.

• With the latest announcement, residents in 23 cities can access the digital yuan.

• China’s CBDC — the digital yuan, or e-CNY — started trials in Shenzhen in October 2020, and topped US$11.24 billion in historical transactions by the end of 2021.

• The digital yuan recently concluded its international debut at the Winter Olympics.

• In the latest batch, the digital yuan will be showcased at two upcoming major sporting events, the Chengdu Summer Universiade and the Hangzhou Asian Games.

See related article: Asian Games set for digital yuan, metaverse pilots, tech firm claims