More than 60 Chinese banks are now offering digital yuan wallets to their customers as the country’s central bank digital currency (CBDC) pilot program is gaining momentum. The announcement was made by the People’s Bank of China (PBoC), the country’s central bank, in a press release on Wednesday. The central bank confirmed that, at present, 62 banks are providing digital yuan wallets to their customers.
The list of banks involved in the pilot program includes many of the country’s major state-owned banks, including the Industrial and Commercial Bank of China (ICBC), the Agricultural Bank of China (ABC), the Bank of China (BOC), and China Merchants Bank (CMB). Additionally, the initiative is being driven forward by two major telecom operators, China Mobile and China Unicom.
The banks are offering digital yuan wallets to their customers as part of the Chinese government’s five-year plan to launch the country’s national digital currency, the “Digital Currency Electronic Payment” (DCEP), which is expected to launch later this year. The goal of the project is to reduce China’s reliance on US dollar payment networks and to increase efficiency in the country’s digital payment infrastructure.
The Chinese government has been working on the project for several years. As part of the project, the PBoC has conducted several pilot programs in the cities of Shenzhen, Chengdu, Suzhou and Xiongang. According to the central bank, the feedback from the users has been “overwhelmingly positive”. The bank also noted that it is working to ensure the currency is secure, efficient and transparent.
