- People’s Bank of China and four state departments have confirmed their support for bidding regions in Zhejiang to further see to the Digital Yuan pilots.
- Zhejiang province’s financial development plans for the coming five years are also highlighted via the document.
- The next batch of the digital yuan pilot programs is soon to be rolled out, highlights the Chinese media.
People’s Bank of China, a frontrunner in the development of Central Bank Digital Currencies, is taking another move towards further evolution of the Digital Yuan, Chinese CBDC.
People’s Bank of China, along with four state departments, have confirmed their support for bidding regions in Zhejiang, the southeastern province in China. They confirmed their support recently via a financial policy document that aims to move forward with the Digital Yuan pilots.
The four departments to extend their support are China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange, and Zhejiang Provincial People’s Government.
The document highlighted Zhejiang province’s financial development plans for the coming five years. Zhejiang’s capital city and host of the yet to be held 2022 Asian Games, Hangzhou, is among the leaders to pilot the Digital Yuan program.
Furthermore, a local company recently disclosed that it had signed deals with prominent Chinese banks to incorporate digital yuan payments.
The e-CNY or the digital Yuan is one of the first sovereign currencies to be launched. It is said to be the most advanced central bank digital currency(CBDC) issued by China, a significant world power. There was a surge in the digital currency Yuan in the previous year, which was the US $11.24 Billion.
China is one of the countries among the global leaders to work rapidly towards a CBDC as it has created a Digital Yuan pilot program. And it has been trying hard to promote and develop e-CNY.
For instance, the Winter Olympics was one such event that it considered as an opportunity which and planned as a significant debut event for the e-CNY introducing it to the massive global visitors.
According to the Chinese media, the next batch of the digital yuan pilot programs will soon roll out. Whereas five of the provinces and two municipalities apart from Zhejiang have entered the space to serve as hosts.
On the one hand, where China has entirely banned cryptocurrencies and their mining, it is one such country to think and work vehemently towards the Central Bank Digital Currency (CBDC). Additionally, countries like Ghana, Jamaica, Canada, etc., are also constantly giving thoughts to the concept or have already initiated the establishment of their CBDCs.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/03/21/central-bank-facilitate-support-to-asian-games-host-enhanced-growth-of-the-digital-yuan-pilots/