The People’s Bank of China (PBOC) announced that several more regions of the country will join the pilot program to test the official digital currency, including the eastern province of Zhejiang, which will host the Asian Games at the end of the year.
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According to the PBOC, the agency is going to actively promote the research and development program of the electronic yuan or e-CNY, so the scale of the pilot project will be consistently expanded: in addition to the 10 large cities where testing is already underway, the cities of Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, as well as six cities in the coastal province of Zhejiang – including the capital of the Hangzhou region, which will host the Asian Games.
The Chinese central bank is actively promoting the digital yuan and does not miss the opportunity to expand the pilot program. The Olympic Games, where e-CNY was the official means of payment, might have been a good opportunity, but the initiative fell through due to the pandemic, in connection with which the number of guests at the event was significantly limited. As a result, local residents were forced to use e-currency – for the duration of the Olympics, payment methods popular in China at retail outlets near sports facilities were turned off. And it turned out to be very disadvantageous for the Visa system – the official partner of the event.
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