THE DAILY ENCRYPT

September 25, 2022

China Rolls out Its Digital Yuan CBDC to Four MORE Provinces

The People's Bank of China has expanded the trial of its central banks digital currency to four provinces, including Guangdong. Guangdong is its most populous...
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The People’s Bank of China has expanded the trial of its central banks digital currency to four provinces, including Guangdong. Guangdong is its most populous region. The central bank digital currencies (CBDCs), a type of cryptocurrency that is issued and controlled through a central banking authority in a country, are an example of this.

China is expanding the e-CNY trials to four more provinces, including Guangdong. This move is part of its efforts to increase the adoption of its central bank digital currency, CBDC.

According to a report from the South China Morning Post citing Fan Yifei, deputy governor of People’s Bank of China, the technology will be tested in Guangdong, Hebei, and Sichuan.

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China’s central bank started testing its digital yuan CBDC in 2020

Fan called the program “an important infrastructure for the digital age” but did not provide a timetable.

The central bank had previously tested the digital yuan in 2020, in cities like Chengdu, Suzhou and Xiongan.

The digital currency wallet app was released in China’s iOS and Android app stores earlier this year. The wallet had 261 million users before it was available in app stores, according to disclosures. It encourages users to test the wallet by asking for e-CNY payments and asking retailers to give cash rewards.

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Although an official release date for nationwide distribution is not yet known, China has taken a lead in preparing a CBDC available for public use.

However, some players within the U.S government view the digital Yuan as a surveillance tool that could also threaten the dominance of the dollar.

A new senator bill was signed in March. It aimed to hold China responsible for its digital yuan use, and how it might expand its network to the U.S.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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