digital yuan, e-cny, China’s digital yuan expands to five more cities

China’s digital yuan expands to five more cities

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Residents in five more Chinese cities were able to access digital yuan wallets starting Thursday, marking a major development for central bank digital currencies (CBDCs) globally. 

See related article: Asian Games set for digital yuan, metaverse pilots, tech firm claims

Fast facts

  • Users on Chinese social platform Weibo in Hangzhou, Nanjing, Tianjin, and Quanzhou claimed to open digital yuan wallets on Thursday, while a media outlet in Guangzhou purchased groceries using the digital yuan in a local shopping mall.
  • A Weibo user from Tianjin told Forkast that he received a 40 yuan (US$6) bonus after opening a digital yuan account. 
  • Only users based in digital yuan pilot cities can open accounts for now. It wasn’t immediately clear which other cities will be next. 
  • The People’s Bank of China said in its March work-plan meeting that it will expand digital yuan pilots in 2022. 

See related article: Digital yuan pilot attracts Chinese province bordering Russia

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