China's efforts to spread its digital currency to a large population continue unabated. It has been reported that the People's Bank of China (PBOC) will expand its e-CNY, or digital yuan trials, to Guangdong, Hebei, Jiangsu and Sichuan provinces. The country's central bank aims to give a major boost to the adoption of the sovereign digital currency. The bank's vice president, Fan Yifei, said at a forum in Suzhou that the number of users, investors and transactions was "increasing steadily".

Describing e-CNY as "an important infrastructure in the digital age," the vice president did not elaborate on the number of investors and transactions. However, the latest statements show that there were 261 million unique users at the end of 2021, and that number has nearly doubled since October.

china crypto

Fan Yifei didn't give a date for the expansion, but said it would be "at an appropriate time". China's first batch of digital Yuan tests, which started in 2020, took place in the cities of Shenzhen, Suzhou, Xiongan and Chengdu.

China's active rollout of its digital currency put it ahead of other major central banks such as the US Federal Reserve and the Bank of Japan. The digital yuan, officially known as Digital Currency Electronic Payment, is being tested in more than 20 cities and regions.


Robinhood's First Stablecoin Choice Is USDC

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