The Chinese government wants to consolidate three top insurance and financial regulators into one powerful entity that would also take some of the People’s Bank of China’s powers.
WeChat is lending the central bank a hand to support China's CBDC ambition by integrating the e-CNY in WeChat Pay, a move aiming to help small merchants.
Soochow Securities has become the first Chinese firm to use the digital yuan in securities trading and providing technical and structural assistance to the PBoC.
Including digital yuan data in the final report is a clear statement of intent by the PBoC to move with a full-scale launch of the CBDC.
To boost CBDC wallet adoption and keep up with the payments industry, the PBoC digitally incorporated China's age-old tradition of sending red packets, a scheme first introduced by AliPay.
China's adoption rates of its digital yuan have soared since its introduction, but privacy concerns and a gloomy economic outlook may affect its hard-won gains.
Amid privacy concerns, there has been a strong adoption of China's digital yuan, with transactions using the virtual currency exceeding $14 billion since its introduction in 2020.
China is embracing the adoption of its digital yuan, as seen in the record-breaking number of citizens piloting the CBDC, leading the PBoC to expand the trial to four more commercial hubs.
China's CBDC adoption is moving ahead as planned, with several cities testing a new electronic payment method that lets users pay for their transport fares using digital yuan.
Lan Zhou noted that the CBDC had an impressive level of adoption across the test sites—citing that as of May, Chinese consumers had done a cumulative 264 million transactions amounting.
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.
