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    Report: Guangdong and three other provinces will be included in China's expansion of the CBDC trial

    Simar Marwaha
    Sept 20, 2022 17:53
    Along with Guangdong, the People's Bank of China intends to expand the experiment of its e-CNY digital money to Jiangsu, Hebei, and Sichuan.
    Report: Guangdong and three other provinces will be included in China's expansion of the CBDC trial

    According to the South China Morning Post (SCMP), China's central bank will expand the experiment of its e-CNY digital money to four major regions, including Guangdong, the most famous.

    With a population of 13,965,000, it should be mentioned that Guangdong is the most populous province in China.

    According to the SCMP, Deputy Governor Fan Yifei announced the People's Bank of China (PBOC) will also include Jiangsu, Hebei, and Sichuan in the experiment. She made the announcement during a financial symposium on Monday.

    The expansion was not given a timeline. It would occur "at a proper time," according to Yifei. Over the past two years, the nation's central bank's digital currency (CBDC) has been put through trials. The majority of them have been city-wide lotteries in which a sizable number of residents win very tiny amounts of money. In order to promote acceptance, merchants are also urged to accept payments in e-CNY.

    Around 140 million users have opened e-CNY wallets as of October of last year, or 2021, and $9 billion worth of transactions had been made. In practically every major economy in the world, the central banks and governments have at least expressed a desire to investigate the creation of a CBDC, partially in reaction to the surge in the usage of cryptocurrencies.

    Plans from Sweden and South Korea have also just entered a testing phase, but China's are by far the most advanced.