Investing

China to Expand Trials of e-CNY by Bringing it to Over 360M New Users

Speaking on Monday, September 19th, Fan Yifei, the deputy governor of The People’s Bank of China (PBOC) said that they are planning to expand the trials of the digital yuan. The expansion of the trial is expected to take place in some of China’s most populous provinces.

China to Expand e-CNY Trials From City to Province Levels

China has been working on its national digital currency for years with the first major trials taking place back in 2020. So far, the currency has seen 139 million users in 2021, and reportedly more than 260 million in 2022 despite being available only in major cities. Now PBOC is planning to include entire provinces in the program.

While there are no specific dates yet, Yifei announced that the provinces included in the trials are Guangdong, Jiangsu, Hebei, and Sichuan. This move can potentially bring the currency to a total of nearly half a billion users as more than 360 million people live in these provinces.

So far, the trials have been limited to four cities: Shenzhen, Suzhou, Xiongan, and Chengdu. The expansion of the trials will take the e-CNY up an administrative level as these four cities are within the provinces new tests are to take place.

Digital Currencies Remain Popular in China Despite the Crackdowns

While Vietnam remains the world’s number 1 when it comes to crypto adoption, China isn’t lagging too far behind. The country’s spot in the top 10 is a bit surprising, despite the massive population, due to the CCP’s crackdown on Bitcoin last year.

Parallel with its attempt to suppress more decentralized cryptos, the Chinese government has been hard at work when it comes to developing the national digital yuan. One of the major methods it is employing in the promotion of the currency is airdropping e-CNY to users, often in order to stimulate the economy amidst the still-present lockdowns.

China has also been actively encouraging businesses to start accepting the digital currency and has initiated its use in business-to-business transactions. Recently, the country also expanded its e-CNY loan program.

This article originally appeared on The Tokenist

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.