Central Bank of China (PBOC) Expands Digital Yuan Pilot Scheme

China's Central Bank will expand its digital currency pilot scheme to more regions, including cities in the eastern province of Zhejiang which will host the Asian Games later this year.

Citing Reuters on Sunday (3/4), the People's Bank of China (PBOC) in an online statement said it would promote research and development of the digital currency, dubbed e-CNY and broaden the scope of the pilot scheme.

Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen and six cities in the coastal province of Zhejiang will be added to the existing 10 main pilot cities to test the use of e-CNY.

Six cities in Zhejiang, including the provincial capital Hangzhou, will host the Asian Games in September.

The PBOC has stepped up testing of digital currencies in recent years and hopes to take advantage of the Beijing Winter Olympics as an opportunity to promote the globalization of the yuan.

However, Beijing's aim to promote its digital currency in the Olympics fell through due to the exclusion of foreign spectators caused by Covid-19.

Instead, it has been picked up by an audience of locals unable to use their usual digital payment apps.

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The PBOC statement also said Beijing and Zhangjiakou, which co-hosted the Winter Olympics in February, would also be pilot cities of e-CNY.

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