According to the central bank, China will expand digital yuan testing to more provinces, cities and regions.
The market response to the use of the digital yuan in the pilot cities and the Winter Olympics has been good and the range of users and transactions is constantly increasing, the People’s Bank of China said.
As a further step in promoting the use of the CBDC, the central bank cited work on privacy and fraud prevention, as well as research into the impact of the digital yuan on the country’s financial system.
Testing took place in Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian and Beijing.
In the near future, the cities participating in the pilot project will be Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, Hangzhou, Ningbo, Wenzhou, Huzhou, Shaoxing and Jinhua. Beijing and Zhangjiakou, host cities of the Winter Olympics and Paralympic Winter Games, continue to use the digital yuan after the competition.