China At Forefront With CBDCs: Expanded Digital Yuan To Five More Cities

China has taken another move in the CBDC space and marked a significant development for the CBDCs globally.

Residents in five more Chinese cities were able to access digital Yuan wallets; this initiated Mid this week.

In the March work plan meeting, the People’s Bank of China also signified that it further plans to expand digital yuan pilots this year.

China is at the vanguard when it comes to Central Bank Digital Currency (CBDC), and now another move of China in the space has marked a significant development for the CBDCs at a global level.

A User Received A 40 Yuan After Opening Digital Yuan Account

Initiated this week, residents in five more Chinese cities were able to access digital Yuan wallets. Users on the Chinese social platform Weibo in Nanjing, Hangzhou, Quanzhou and Tianjin highlighted that they opened digital Yuan wallets on Thursday. At the same time, a media outlet in Guangzhou bought groceries via the Digital Yuan at a local shopping mall.

A Weibo user highlighted that he got 40 Yuan to a new website, which equates to a US$6 bonus after opening a digital Yuan account.

Although currently, only the users based in the digital yuan pilot cities are able to open accounts And it is not yet specified as to which would be the next cities.

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 US $11.24 Billion. It also concluded its international debut at the Winter Olympics recently.

Furthermore, the People’s Bank of China also signified in the March work plan meeting that it plans to expand digital yuan pilots this year.

On the one hand, where China has completely banned cryptocurrencies and their mining, it is one country to work and think vehemently towards the Central Bank Digital Currency (CBDC). Whereas countries like Ghana, Jamaica, Canada, etc., are also constantly giving thoughts to the concept or have somewhat initiated the establishment of their CBDCs, and the global power US is constantly studying the Central Bank Digital Currency.

The concept of CBDCs is growing in the minds of various global authorities by leaps and bounds. It is to look forward to whether CBDCs will prove to be a strong concept globally.