China expands digital yuan network to 22 banks
China has expanded its digital yuan programme by adding 12 new banking operators, increasing the number of authorised institutions handling its central bank digital currency to 22.
The move, announced by the People’s Bank of China (PBOC) on April 2, is part of Beijing’s ongoing effort to increase the use of the digital yuan in everyday financial transactions, News.Az reports, citing Reuters.
The latest expansion includes major lenders such as:
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- China CITIC Bank
- China Everbright Bank
- China Guangfa Bank
- Shanghai Pudong Development Bank
The central bank said the inclusion of additional institutions is aimed at improving access and making digital yuan services more inclusive, secure, and convenient for users.
Despite being launched in 2019, the digital yuan has seen relatively slow uptake in everyday use, as most consumers continue to rely on dominant payment platforms like Alipay and WeChat Pay.
Authorities say the expansion is intended to strengthen integration of the digital currency into the real economy and broaden its availability across financial institutions.
China has been steadily promoting the digital yuan while maintaining strict controls on private cryptocurrencies and banning stablecoins.
The approach contrasts with the United States, where digital currency policy has taken a different direction amid growing political debate over crypto regulation.
The PBOC said it will continue expanding participating institutions gradually, aiming to build a “fair and competitive” environment for the digital currency’s development.
By Aysel Mammadzada
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