The pilot programs
La Banca Centrale ha lanciato programmi pilota di e-CNY a Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian.
Moves spanning the Yangtze River Delta, the Pearl River Delta, the Beijing-Tianjin-Hebei region and the central, western, northeastern and northwestern regions of China. now the provinces of Henan, Fujian, Heilongjiang and the megacities of Guangzhou, Chongqing, Fuzhou and Xiamen are added.
As of December 31, 2021, the e-CNY already boasted 261 million personal wallets open and transactions amounted to over 87 billion yuan as the State Council revealed. “The pilot programs effectively tested business and technology projects as well as the robustness of the e-CNY system, improving public understanding of the e-CNY concept,” reads an official statement. Which continues: “We will work to achieve the goal of serving the real economy and people’s lives so that more companies and individuals know the value of the e-CNY and are fully motivated to participate in the project.”
In the future, the central bank – in line with the 14th five-year plan 2021-25 – will push the introduction into retail trade, payment of public services and public administration.
The Chinese advantage
Compared to recent American moves, China is ahead on digital currency. President Joe Biden has just signed an executive order requesting a number of government agencies, including the Treasury Department and the Department of Commerce, to examine the risks and benefits of creating a digital dollar – a Central bank digital currency issued by the Federal reserve.