China Expands Digital Yuan Programme With 12 New Bank Operators

Digital yuan programme China expansion accelerated after the People’s Bank of China added 12 new banks to the roster of institutions authorised to handle the state-backed currency, taking the total number of operators to 22.

Newly approved banks include China CITIC Bank, China Everbright Bank, China Guangfa Bank and Shanghai Pudong Development Bank.

The central bank said the move is intended to improve the inclusiveness of digital yuan services and meet demand for safer and more efficient payment options.

The digital yuan programme China, launched in 2019, has still seen relatively slow uptake in the real economy as consumers remain heavily reliant on Alibaba’s Alipay and Tencent’s WeChat Pay.

The latest expansion comes as Beijing continues to maintain a tough stance on virtual currencies and stablecoins.