Chinese Banks Expand Digital Yuan Pilot
A number of Chinese banks have joined the digital yuan pilot, bringing the total to 60 financial institutions participating in the program. These banks are offering various digital yuan-related services, including personal and corporate wallets. Additionally, e-payment giants like Alibaba’s Alipay and Tencent’s WeChat Pay have also joined the pilot. This expansion is seen as a significant achievement for the People’s Bank of China (PBoC).
Next Phase of Digital Yuan Pilot
The next phase of the digital yuan pilot will involve more regions in China utilizing the digital currency. Currently, the pilot zone includes Beijing, major tech hubs, and major cities. However, there are still parts of the country that have not experienced using the central bank digital currency (CBDC). The PBoC has not yet announced a nationwide rollout date. According to Chinese fintech expert Su Xiaorui, 2024 will see increased use of the CBDC in government operations and cross-border scenarios.
Cross-Border Expansion and Future Progress
The cross-border expansion of the CBDC began in Hong Kong and has now extended to Singapore and Taiwan. In terms of future progress, Su Xiaorui predicts that Chinese banks will continue to make advancements in digital yuan-related retail and corporate services in 2024.
Hot Take: Chinese Banks Embrace Digital Yuan Pilot
Chinese banks are actively participating in the digital yuan pilot program, with 60 financial institutions offering CBDC wallets. This expansion includes major e-payment platforms like Alipay and WeChat Pay. The next phase of the pilot will involve more regions in China adopting the digital currency. Although there is no confirmed nationwide rollout date yet, it is expected that the CBDC will be increasingly used in government operations and cross-border scenarios by 2024. The cross-border expansion has already reached Hong Kong, Singapore, and Taiwan. Chinese banks are set to make further progress in digital yuan-related services in the coming year.
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