China's Central Bank to Expand Use of Digital Yuan
According to Lan Zou, head of the monetary policy department of the People's Bank of China, the country will increase the number of test regions for the digital yuan from 11 to 23. They will be located in 15 of China's 31 provinces. As you know, the Central Bank of China is responsible for the development of the digital yuan
Zou highly appreciated the success of the introduction of the digital yuan:
"Testing of the digital yuan in the first half of 2022, for example, using it as a means of payment during the Olympic Games in Beijing, was impressively successful. The digital yuan has proved to be an invaluable tool in improving the quality of life, stimulating consumption, increasing domestic demand and ensuring sustainable economic development."
According to the data, as of May 31, Chinese consumers conducted a total of 264 million transactions worth 83 billion yuan ($12.35 billion). More than 4,567,000 merchants across the country have started taking CBDC. As the next steps, the Central Bank of China plans to further increase the number of test regions and expand the technological capabilities of the digital yuan.
During the ongoing lockdowns in China, local officials often entered into cooperation with technology companies in order to conduct free giveaways of the digital yuan. The people who received the funds could then spend them on certain platforms as part of an initiative to stimulate consumer spending. In addition to consumer goods, the digital yuan can be used to pay various bills, such as taxes.
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