2022-9-21 19:30 |
PBoC deputy governor Fan Yifei said expanding e-CNY trials to the provinces of Guangdong, Jiangsu, Hebei and Sichuan would happen "at a proper time."
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The government is incentivizing new residents to come develop payment solutions, smart contracts, hard wallets and promotions for the digital yuan.
A shift in the digital currency environment may occur due to Russia's latest decision to utilize the Chinese yuan instead of the U.S. dollar in trade settlements with nations in Asia, Africa, and South America.
Recent events in China indicate the country’s paradigm shift concerning digital currency. The digital yuan (e-CNY) is gradually forming a significant part of the Chinese currency through its rapid development.
The 13.61 billion e-CNY represented roughly 0.13% of the 10.47 trillion yuan in circulation at the end of 2022.
Amid the ongoing global CBDCs adoption, China proposes an Asian-wide digital currency to reduce the continent’s economic reliance on the US dollar. USD is unquestionably the most widely used international currency.
In contrast to many other nations, China has adhered strictly to a zero-COVID policy, resulting in the repeated shutdown and closure of non-essential enterprises in key financial centres such as Shanghai.