China’s e-CNY CBDC to Now be Tested in 4 Major, Densely Populated Provinces

While China has maintained a rather strict approach against the growth of the crypto sector, the country is harnessing the power of blockchain to strenghten its economy. The country’s national CBDC, named e-CNY, is now proceeding to be tested in densely populated regions of the country, including the most populous Guangdong province. Jiangsu, Hebei, and Sichuan are other regions where the government of China will now be putting its CBDC to trials.

A CBDC or a Central Bank Digital Currency is like a cryptocurrency, but one that is administered by the central bank as well the government. Built on blockchain, CBDCs are capable of facilitating instant payments, nationally as well as cross-border. China’s CBDC is also known as the digital Yuan.

Fan Yifei, the deputy governor of the People’s Bank of China (PBOC) revealed this e-CNY trial expansion plan at a financial forum in Suzhou city in Jiangsu, as per a report by the South China Morning Post.

China’s central bank has been working on its CBDC for the last two years now.

Between 2020 and 2022, China launched its e-CNY app to facilitate payments through the CBDC. As of April 2022, people in 23 cities across China, including Shanghai, Beijing, and Shenzhen, were enabled to pay for goods and services with the e-CNY, China-Briefing had said at the time.

Cash rewards were offered to Chinese nationals who adopted and used the digital Yuan. While many merchants have opened payments in e-CNY, the digital currency is also being tested to function for loan repayments as well as tax payments.

China’s roll-out of its digital currency has surpassed the efforts of other major central banks like the US Federal Reserve and the Bank of Japan.

Presently, China’s neighbouring nations India and Russia are also working to launch their respective CBDCs.

Nigeria has emerged as one of the first nations to develop and launch a digital currency.

Launched as Africa’s first ever CBDC in October last year, the eNaira is now getting new features, intended to onboard unbanked citizens of Nigeria onto the nation’s existing financial system. The Nigerian government is targeting to get over eight million people to adopt eNaira as a payment method in the coming months.

Buying an affordable 5G smartphone today usually means you will end up paying a “5G tax”. What does that mean for those looking to get access to 5G networks as soon as they launch? Find out on this week’s episode. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Related Posts

3 Body Problem Netflix Release Set for 2023. Here’s a Behind-the-Scenes Peek From Tudum 2022

3 Body Problem is coming to Netflix in 2023. At its online-only event Tudum 2022, the world’s biggest subscription-based video streaming service revealed that its live-action adaptation…

The Witcher: Blood Origin Sets December 25 Release Date at Netflix Tudum 2022

The Witcher: Blood Origin just got a release date. At its online-only event Tudum 2022, Netflix revealed that the much-anticipated The Witcher prequel series will drop on…

The Witcher Season 3 Netflix Release Set for Summer 2023, Teaser Art Revealed — Tudum 2022

The Witcher season 3 is slated to release in the summer of 2023. At its online-only event Tudum 2022, Netflix dropped a teaser art for the Henry…

Enola Holmes 2 Trailer: Millie Bobby Brown Heads Her First Official Case at Tudum 2022

Enola Holmes 2 trailer is here. On Saturday, at its online-only event Tudum 2022, Netflix unveiled the first trailer for the Millie Bobby Brown-led mystery sequel, ahead of…

Heart of Stone Trailer: Alia Bhatt, Gal Gadot Tease Their Netflix Action Thriller at Tudum 2022

Heart of Stone first look is here. At its online-only event Tudum 2022, Netflix unveiled the first teaser trailer for the Gal Gadot-led action spy thriller movie,…

The Crown Season 5 Release Date Set for November 9 on Netflix — Tudum 2022

The Crown season 5 now has a release date: November 9. At its online-only event Tudum 2022, Netflix announced that the fifth season of its period drama…