Digital Yuan Network Expands as China Adds Eight Banks

China’s digital yuan network has expanded to 30 authorised operators after the central bank added eight financial institutions as it seeks wider adoption of the state-backed digital currency.

New participants include Ping An Bank, Bank of Shanghai, Bank of Hangzhou and Bank of Changsha, according to the People’s Bank of China.

The lenders will begin providing e-yuan services after completing required business and technical preparations.

The expansion forms part of China’s 15th Five-Year Plan and is intended to strengthen access to secure, efficient and inclusive payment services.

The PBOC said additional operators would continue to be admitted according to market-based and legal principles while authorities promote an open and competitive ecosystem.

Broadening the network increases the number of institutions able to distribute and support the e-yuan as Beijing continues developing its central bank digital currency infrastructure.