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China’s Digital Yuan Expands To Five More Cities
Residents in five more Chinese cities were able to access digital yuan wallets starting Thursday, marking a major development for central bank digital currencies (CBDCs) globally.
Himanshu S.
7:38 1st Apr, 2022

Users on Chinese social platform Weibo in Hangzhou, Nanjing, Tianjin, and Quanzhou claimed to open digital yuan wallets on Thursday, while a media outlet in Guangzhou purchased groceries using the digital yuan in a local shopping mall.

A Weibo user from Tianjin told Forkast that he received a 40 yuan (US$6) bonus after opening a digital yuan account.

Only users based in digital yuan pilot cities can open accounts for now. It wasn’t immediately clear which other cities will be next.

China’s CBDC, the digital yuan, or e-CNY — topped US$11.24 billion in historical transactions by the end of 2021 and recently concluded its international debut at the Winter Olympics.

The People’s Bank of China said in its March work-plan meeting that it will expand digital yuan pilots in 2022.

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