China approves 3rd batch of digital yuan trials

Friday 4 March 2022 13:43 CET | News

China will soon approve the third batch of localities set to launch trials of its digital yuan currency.

Several cities and regions have applied to authorities for permission to roll out testing of the digital yuan. Applicants include Henan, Fujian and Heilongjiang provinces, and the cities of Guangzhou, Chongqing, Fuzhou, and Xiamen.

China has run public trials of its digital yuan, also known as the 'e-cny', in cities including Shanghai, Beijing, and Shenzhen. The currency has yet to attain mass adoption, however. The country's mobile payment services run by Ant Group and Tencent Holdings remain wildly popular.

During the 2022 Winter Olympics in Beijing, the e-cny was one of only three payment methods accepted at the venue, in addition to cash yuan and Visa credit card.

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Keywords: digital currency, CBDC, central bank, crypto asset
Categories: DeFi & Crypto & Web3
Countries: China
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