China boosts digital yuan rollout, adds more banks
China’s central bank, the People’s Bank of China (PBOC), has expanded its digital yuan program by adding 12 new banks as authorized operators.
The newly added banks include China CITIC Bank, China Everbright Bank, China Guangfa Bank, and Shanghai Pudong Development Bank, among others, News.Az reports, citing Reuters.
The PBOC said the move aims to “enhance the inclusiveness of digital yuan services” and meet public demand for safe, convenient, and efficient payment options. With this addition, the total number of banks authorized to handle the digital yuan rises to 22.
RECOMMENDED STORIES
Since its launch in 2019, adoption of the digital yuan in China’s real economy has been gradual, as most retail customers already rely on platforms such as Alipay and WeChat Pay for low-cost, secure transactions.
The expansion comes amid China’s intensifying crackdown on cryptocurrencies and a ban on stablecoins, in contrast to the U.S., where President Donald Trump has promoted cryptocurrencies and opposed a digital dollar.
“The central bank will continue to expand the number of operating institutions in an orderly manner, following market-oriented and rule-of-law principles,” the PBOC said, adding it aims to create an open, inclusive, and fair competitive environment for digital currency development.
By Nijat Babayev
Similar news
