China's Government Expands The Use Of Digital Yuan Domestically

China is expanding the use of digital yuan. (Photo; Doc. TechSpot)

JAKARTA China, which has already used its own digital money, is rumored to be expanding the area of digital yuan implementation in a number of cities, namely Shenzhen, Suzhou, Xiongan New Area, and Chengdu. After the trial stage, Chinese authorities will implement digital yuan throughout the province.

Bitcoin.com News reports that with increased to testing across provinces in these areas, governments in Beijing hope to continue to encourage China-recognized cryptocurrency innovation, the UK-language newspaper Global Times wrote, citing a Cnstock business news portal report published last Monday.

The plan was announced by Deputy Governor of People's Bank of China (PBOC) Fan Yifei during this week's economic forum. The top official stressed that monetary policy regulators have accelerated financial digitization since the beginning of this year. He noted that the authorities have outlined the development of state financial technology for the period until 2025.

Fans also underlined the importance of securing key technologies to improve China's financial system and build financial infrastructure that can adapt to the development of the digital economy and support China's economic transformation.

PBOC executives show that digital yuan has been implemented in various economic sectors, including retail and wholesale, catering, recreation, tourism, and government payments, through online and offline channels. He insisted that the use of digital yuan in the first four test cities should be expanded to the provincial level.

Fan Yifei's latest statement comes after earlier this month deputy governor urged to expand the composition of scenarios for usage cases for China's central bank digital currency (CBDC). He also called for increased integration between digital yuan systems and traditional tools for electronic payments to increase convenience for e-CNY platform users.

In terms of developing CBDC, China is the leading country that first adopted digital money. Currently, digital yuan have been used in various sectors in the Bamboo Curtain country. This condition is different from the western countries which have just entered the stage of developing CBDC.