China’s Central Bank to Expand Deployment of e-CNY Test Sites

China will increase the number of digital yuan (e-CNY) test sites from 11 to 23, according to Lan Zou, chief of monetary policy at the People’s Bank of China (PBoC), according to the state-run Xinhua News Agency. They are dispersed among 15 of China’s autonomous areas and provinces, out of its total of 31. The e-CNY central bank digital currency, or CBDC, was created by the PBoC, which is China’s central bank. At the press conference on Wednesday, Zou lauded the recent e-CNY rollout’s accomplishments, saying: “e-CNY trials during the first half of 2022, such as acting as a means of payment during the Beijing Olympics, were spectacularly successful. The e-CNY has been an invaluable tool in improving quality of life, stimulating consumption, growing internal demand, and ensuring steady economic development through its functions such as smart contract utility.” Increase the Number of e-CNY Test Sites According to the most recent statistics update, as of May 31, Chinese consumers had spent 264 million transactions, or $12.35 billion, or 83 billion CNY. Over 4,567,000 businesses nationwide have started taking the CBDC. According to Zou, the PBoC intends to advance its technological capabilities and expand the number of e-CNY test sites in the coming time. Provincial and municipal officials routinely collaborated with China’s digital companies to introduce e-CNY airdrops during the country’s tight coronavirus lockdowns. To boost con...