The country is now testing the digital yuan—e-CNY—for use in payments of tax, stamp duty, and social security premiums with Zhejiang, a province in Eastern China, pioneering the effort.
China’s central bank plans to expand the pilot to Xiamen, Fuzhou, Tianjin, and cities in Zhejiang province, which will be hosting the Asian Games in September.
An official from Nanjing city wants the law amended to clarify the digital yuan’s position in the payment system, including how banks should handle it.
The wallet is available for users in Shenzhen, Shanghai, Chengdu, Qingdao, Suzhou and six other cities, as well as those in Beijing for the Winter Olympics.
The Chinese central bank revealed the figures at a recent event, adding that there are now 10 million corporate accounts and dismissing privacy concerns.
The digital yuan pilot started in Shanghai with 270 McDonald's branches accepting central bank digital currency as payment, although reports indicated that companies including Visa and Nike are also being urged to accept the digital currency.
The latest "Chinese Bitcoin ban" consisted of a statement from the central bank, followed by supportive edicts from several other departments, plus financial and technology industry representatives.
China's digital asset industry, which was once one of the world's largest, has been largely sidelined over the years as restrictions became more severe. Much of the local activity has already moved overseas or stopped completely.
The People’s Bank of China announced that it has completed the rectification of digital currency transactions and transferred it to routine supervision.
The court in Shandong, China, has ruled that investing in digital currencies is not protected by the constitution in an appeal ruling that saw a man lose $10,000.
The Shenzhen branch of the central bank published plans stating that it would bring some 11 companies into line with regulation, according to reports.