China's central bank is set to expand its digital yuan pilot program to include several new cities, aiming to increase the adoption of its central bank digital currency (CBDC). The People's Bank of China announced that the pilot will now cover cities such as Tianjin, Chongqing, and Guangzhou, among others. This expansion is part of China's broader strategy to integrate digital currency into its financial system and enhance the efficiency of transactions. The digital yuan, also known as the e-CNY, has been in development for several years and is seen as a way to modernize China's payment infrastructure. The pilot program has already been implemented in major cities like Beijing and Shanghai, with positive feedback from users and businesses. The central bank plans to continue expanding the program to gather more data and refine the system before a nationwide rollout.
China's Central Bank to Launch Digital Yuan Pilot in New Cities
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