The accelerated testing phase comes after a successful year for the state-backed digital currency in which it was used in most major cities.
Unlike in Shenzhen, Beijing and Suzhou, the People’s Bank of China is expanding beyond the use of smartphones to make digital yuan payments.
China’s digital currency electronic payment has been in testing phase in locations including Shenzhen, Suzhou, Xiong’an New Area, and Chengdu.
China had learned a lesson from the hostile reception Libra, now Diem, has received globally, according to the former governor of the People’s Bank of China.
Chinese residents in the city of Suzhou made close to 20,000 transactions in a digital yuan trial on e-commerce giant JD.com.
Hong Kong’s central bank has been working with China’s digital currency institute to trial the use of the digital yuan on cross-border payments.
Authorities in China are pressing individuals and businesses to embrace the potential of blockchain technology while ignoring the role of digital currency.
The Chinese model for its digital yuan is a better template for Russia in exploring a central bank digital currency, central bank officials said.
Beginning December, residents across the city will be the central bank digital currency in so-called “red packets,” with 50,000 packets of the digital currency to be given away through a local lottery.
The United States’ intelligence community has raised concerns over China’s continued dominance in the digital currency space.
China’s President Xi Jinping has called on G20 leaders to lay the groundwork for central bank digital currencies adoption by developing standards and principles.