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Chinese central bank exec aims for digital yuan retail expansion

chinese-central-bank-exec-aims-for-digital-yuan-retail-expansion
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Chinese central bank exec aims for digital yuan retail expansion

Changchun Mu, an executive from the People’s Bank of China (PBOC), stated that the digital yuan needs to be available in retail scenarios.

According to the local source Paper, Mu explained at a trade forum in Beijing that the central bank digital currency (CBDC) should be available on different wallet providers like Alipay and WeChat, as well as various bank providers and other payment providers like e-CNY operators.

Mu added that the first step in the evolution process towards the digital yuan would be to start using it as a payment tool. He said that from a technical perspective, they could begin unifying QR code standards to achieve barcode interoperability.

The People’s Bank of China has been developing the e-CNY and launched a pilot app in January 2022. After the digital yuan beta test in late 2019, the institution tested the CBDC in 26 locations in 17 provincial-level cities and regions.

The digital yuan’s development

The digital yuan, also known as e-CNY, is a CBDC developed by the PBoC. It is an initiative to replace physical banknotes and coins with digital currency.

China has been at the forefront of CBDC development, with the digital yuan project being one of the most advanced in the world. The main objective of e-CNY is to provide a secure and efficient means of payment, reduce reliance on cash, and counter the growing popularity of cryptocurrencies.

The development of the digital yuan has been ongoing for several years, with various trials and pilot programs conducted to test its feasibility and functionality. However, recent reports suggest that the usage of the digital yuan has been relatively low, prompting calls for its application to be expanded.

China has been actively promoting the digital yuan with campaigns and awareness programs to educate the public about its benefits. The government aims to expand the trial of the digital yuan before the Winter Olympics in Beijing, demonstrating its commitment to advancing the development and adoption of the digital currency.