See More

People’s Bank of China Includes 11 More Cities in Digital Yuan Pilot Program

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • China to include 11 more cities in its digital yuan experiment.
  • Hangzhou, which will host the Asian Games in September has been added to the list.
  • The digital yuan program has reportedly seen over $13.75 billion worth of transactions so far.
  • promo

The People’s Bank of China has announced that its digital yuan pilot program will support 11 more cities. Residents in some of these cities have already begun to have access to digital yuan wallets.

China’s state bank, the People’s Bank of China, will expand its digital yuan pilot program to 11 more cities, adding to its already considering selection of cities where the CBDC is active. Among these cities is Hangzhou, which will host the Asian Games in September 2022.

Digital yuan pilot tests expanding

The new cities that will take part in the pilot program include Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and the Zhejiang province. Some residents in these cities have already been able to access the digital yuan wallets from Apr. 1. The digital yuan also received international exposure with its use during the Winter Olympics.

The current rate of transactions per second (tps) is 10,000, with a future target of 300,000 tps. Reportedly, the digital yuan has recorded over $13.75 billion worth of transactions. However, one report noted that many wallets have been opened, but not as many are actually being used.

For lower balancers, individuals can sign up for a wallet with just a phone number. Higher transaction limits and usages require more KYC information. This has led to issues about privacy, which remains a concern as the government develops the technology.

Meanwhile, other countries are just beginning to work on their own CBDCs. The United States has announced that it will take the initial steps of reviewing a digital dollar. India, one of the fastest-growing major economies, has also announced a review of a digital rupee.

Keen on blockchain technology, but not crypto

China’s digital yuan experiments have been quite successful and have led other countries to rush to catch up. It is among the first countries to launch a CBDC on such a large scale, and by all accounts, China’s tech-savvy citizens have been happy with the project.

As for cryptocurrencies themselves, China has banned the holding and trading of cryptocurrencies, as well as crypto mining. Its supreme court has called crypto transactions “illegal fundraising.” Those who deal in crypto transactions can face up to ten years in prison or $79,000 in fines.

Meanwhile, the 2022 China Metaverse has launched and focuses on creating a metaverse and other cutting-edge technologies. China is keen on using the technology from the supply chain to administrative use cases, as noted by its blockchain strategy for the decade ahead.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Rahul-Nambiampurath.jpg
Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...
READ FULL BIO
Sponsored
Sponsored