Global: Chinese Regulators Seek Expansion of E-CNY Trial Areas

The monetary policy regulator of China has suggested that the country expands the environment for the use of the digital yuan.

The PBOC Deputy Governor, Fan Yifei said in a statement during a recent forum on digital finance held in Beijing that the country’s digital yuan(e-CNY) must be improved in the aspect of electronic payments.

According to Yifei, improving the integration between the digital yuan (e-CNY) system and traditional tools for electronic payments will enhance adoption by users.

The regulatory agency also said that integrating the digital yuan with existing payment structures would increase its adoption.

Yifei further said that there was a need to strengthen user protection mechanisms on the platform to avoid breaches that can lead to an information leak.

China’s central bank began trialing the e-CNY app in April 2020.

This started with the launch of internal testing in four cities which has been expanded to reach 140 million registered users by October 202.

The pilot cities have since been increased to reach 12 as against the earlier four.