Nine more banks have joined China’s digital yuan pilot, bringing the number of banks offering CBDC wallets to 60.
According to Beijing Business Daily (Sohu), the latest batch of commercial banks joining the pilot program include three major city banks and six village banks.
City banks joining the pilot this month:
• Zhejiang Tailong Commercial Bank
• Rizhao Bank
• Ningbo Commercial Bank
The village banks that joined the pilot this month are:
•Jiangyin Rural Commercial Bank
• Wuxi Rural Commercial Bank
•Kunshan Rural Commercial Bank
•Taicang Rural Commercial Bank
•Shunde Rural Commercial Bank
• Jiangnan Rural Commercial Bank
The pilot started with four banks: Bank of China, Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China joining the People's Bank of China (PBoC).
Currently, there are nine large Chinese banks that have become "designated operators" of the People's Bank of China.
Eight joint-stock banks also provide digital RMB wallets.
The group also includes 20 city commercial banks and 14 rural commercial banks.
Five rural credit institutions and four foreign banks, including financial giants HSBC and Standard Chartered, have also joined the pilot.
The banks offer a range of digital yuan-related services, including personal and corporate wallets.
Electronic payment giants such as Alibaba's Alipay and Tencent's WeChat Pay have also participated in the pilot, which is another major move by the People's Bank of China.
Bank of China eyes ‘next phase’ of digital yuan pilot
The outlet cited Chinese fintech expert Su Xiaorui as saying that the “next phase of the digital yuan pilot” will see “people and businesses in more regions” use the currency.
The pilot zone already covers the capital Beijing and most of China's largest tech centers and major cities.
But much of the country has yet to experience using a CBDC, and the People’s Bank of China has refused to commit to a date for a nationwide rollout.
Su claimed that by 2024, the PBOC and its partners will strengthen the use of CBDC “in government operations and cross-border scenarios.”
The cross-border CBDC expansion began in Hong Kong earlier this year but has since expanded to Singapore and Taiwan.
The expert concluded that Chinese banks will seek to make further progress on “retail and corporate” aspects of the digital yuan in 2024. #CBDC #数字人民币