China expands digital yuan programme with 12 new banks

Yesterday 12:12

China’s central bank has broadened its digital yuan programme by authorizing 12 additional banks to operate the national digital currency, the People's Bank of China (PBOC) said. This expansion raises the total number of banks able to handle the digital yuan to 22.

Among the newly approved operators are China CITIC Bank, China Everbright Bank, China Guangfa Bank, and Shanghai Pudong Development Bank. The PBOC emphasized that the move aims to increase the inclusiveness of digital yuan services and provide the public with “safe, convenient, and efficient” payment options.

Since its launch in 2019, adoption of the digital yuan in retail transactions has been gradual, with most consumers relying on platforms such as Alipay and WeChat Pay for secure, low-cost payments. The central bank also said it will continue expanding participating institutions in an orderly way, guided by market principles and legal regulations, while promoting a fair and open competitive environment for digital currency development.

The programme is part of China’s broader strategy to strengthen the real-world use of its digital currency, contrasting with other countries such as the U.S., where cryptocurrencies have faced different regulatory approaches.