The People’s Bank of China said it expanded its digital yuan pilot program to 11 more cities, including in Hangzhou, which hosts the Asian Games in September.
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- The 11 cities that will trial China’s central bank digital currency (CBDC) are Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and six cities and Zhejiang province.
- With the latest announcement, residents in 23 cities can access the digital yuan.
- China’s CBDC — the digital yuan, or e-CNY — started trials in Shenzhen in October 2020, and topped US$11.24 billion in historical transactions by the end of 2021.
- In the latest batch, the digital yuan will be showcased at two upcoming major sporting events, the Chengdu Summer Universiade and the Hangzhou Asian Games.
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