China to expand digital yuan pilot, to secure key technologies and build financial infrastructure – PBOC official
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China to expand digital yuan pilot, to secure key technologies and build financial infrastructure – PBOC official
STOCKS

China to expand digital yuan pilot, to secure key technologies and build financial infrastructure – PBOC official

 

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China will expand the digital yuan pilot from the first four cities – Shenzhen, Suzhou, Xiongan New Area, and Chengdu – to the provinces they are located and continue to promote the innovation of China’s recognized cryptocurrency, reported the state-backed Shanghai Securities News, citing Fan Yifei, a deputy governor of the People’s Bank of China (PBOC).

Fan said that the PBOC has been accelerating financial digitalization since the start of this year, and had issued development outline for financial technology covering the period 2022-25.

He stressed the need to secure the key technologies for enhancing nation’s financial system, and to build financial infrastructure that can adapt to the development of digital economy, in order to support economy transformation. 

Currently, a replicable and promotable platform for the digital yuan has been formed across multiple sectors including retail and wholesale, catering, leisure, tourism and government payment via both online and offline channels, said Fan.