A total of 60 financial institutions have joined the central bank’s pilot program for digital yuan.
The People’s Bank of China on Wednesday announced that it has authorized the operations of 60 financial institutions to offer digital yuan wallets as part of its electronic currency pilot program. These wallets will be used by citizens participating in pilot programs in Shenzhen, Suzhou, Xiong’an and Chengdu.
The list of financial institutions released by the PBoC includes commercial banks, joint-stock banks, payment companies, credit unions, microfinance institutions and even a funeral home. The approved institutions are mainly centered in Beijing and the surrounding areas.
The digital yuan wallet is a mobile application that allows users to transfer and receive digital money. The value of the digital yuan is equal to the value of the Chinese Yuan. It is part of a plan from the People’s Bank of China to launch a national cryptocurrency that will eventually replace the physical yuan.
The PBoC has been testing its digital yuan in select Chinese cities since April 2020. The Central Bank is hoping to have the national digital currency fully deployed by October 2021.