China’s central bank has expanded its digital yuan programme by adding a dozen additional banks as operators, confirming a Reuters report last month.
The 12 new banks allowed to handle the digital yuan include China CITIC Bank, China Everbright Bank, China Guangfa Bank, Shanghai Pudong Development Bank among others, the People’s Bank of China (PBOC) said in a statement.
The move aims to “enhance the inclusiveness of digital yuan services” and meet the public demand for “safe, convenient and efficient” payment options, the bank said.
Thursday’s announcement takes the total number of authorised banks to handle the digital yuan to 22.
Beijing’s push to put the digital yuan into the real economy has been slow so far since its launch in 2019, with most retail customers already able to make safe and low-cost transactions via platforms such as Alibaba’s Alipay and Tencent Holdings’ WeChat Pay.
The strategy comes alongside China’s intensifying crackdown on virtual currencies and a ban on stablecoins that highlights the contrast to the U.S., where President Donald Trump has promoted cryptocurrencies and banned a digital dollar.
“The central bank will continue to expand the number of operating institutions in an orderly manner in accordance with market-oriented and rule-of-law principles,” the PBOC said, adding that it seeks to build an “open, inclusive and fair competitive environment” for the digital currency’s development.