Digital Yuan Spreading in China: Expanded to 17 Provinces

Diana Ember
Diana Ember Crypto Economy
2 Min Read

China’s central bank, the People’s Bank of China (PBOC), has seen a dramatic rise in digital asset adoption and just announced its continued expansion of its Central Bank Digital Currency (CBDC), also known as the digital yuan. Currently being tested in 17 provinces across China, it focuses on launching an easy-to-use system where consumers can simply “scan with one code.”

Features to Diversify the Uses of the Digital Yuan are Planned.

As the digital yuan pilot program continues to spread throughout China, its central bank is striving to upgrade the currency’s use cases by adding two major features; offline payments and smart contract capabilities. With these updates, users of digital yuan will be able to enjoy more convenience in their transactions and access new technologies such as smart contracts.

As of January 23, individuals now have the option to make payments without an internet connection. This is made possible through Near-field (NFC) technology that will authenticate transactions between two different devices within a four-centimeter radius or less. Additionally, the Meituan e-commerce app rolled out its smart contract feature earlier this month, allowing users to win a daily prize of $1,312 split among lucky winners.

features to diversify the uses of the digital yuan are planned

Extra Features Planned to Facilitate Adoption of DigitalYuan

To bolster the immediate adoption of its digital currency, China has declared plans to present wealth management products that utilize payments through digital yuan in select provinces. A renowned investment bank like China Galaxy Securities will offer these services only to a limited selection of customers.

Recently, China’s central bank has been actively working on the proposed Central Bank Digital Currency (CBDC). They have already conducted 30 “red envelope activities” in selected areas to promote a low-carbon lifestyle and make digital yuan a viable payment option for consumers. This will allow individuals to use their CBDC more frequently as an alternative form of currency.

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The thesis I wrote in my last year of university was on future currencies, but it was a very new field for me as the blockchain and crypto world were not that mature yet. Today, I find myself writing on these topics in various news channels, and I can say that I have fulfilled my dreams of university.
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