China Expands Digital Yuan (e-CNY) Pilot to More Cities

In July 2024, the People's Bank of China announced an expansion of its digital yuan (e-CNY) pilot program to more cities and regions, including major cities such as Shanghai, Beijing, and Guangzhou, further broadening the reach of the digital currency. The e-CNY aims to drive the digitalization of China's financial system, enhancing payment efficiency and security. Since its pilot launch, over 200 million users have participated in testing and using the digital yuan across various sectors, including retail payments, public transportation, and government services. This expansion is expected to accelerate the adoption and usage of the e-CNY, maintaining China's leadership in the global race for central bank digital currencies (CBDCs).