China’s central bank has broadened its digital yuan initiative by approving twelve additional banks as authorized operators, increasing the total number to 22. Among the newly included institutions are China CITIC Bank, China Everbright Bank, China Guangfa Bank, and Shanghai Pudong Development Bank, as confirmed by the People’s Bank of China (PBOC) in a recent statement.
This expansion is intended to improve the accessibility of digital yuan services and address public demand for payment methods that are secure, convenient, and efficient. The PBOC emphasized that the move supports the integration of the digital currency into everyday economic activities.
Since its launch in 2019, the digital yuan’s adoption has progressed gradually, as many retail consumers already rely on established platforms like Alibaba’s Alipay and Tencent Holdings’ WeChat Pay for low-cost and secure transactions. Meanwhile, China continues to intensify its regulatory stance against virtual currencies, including a ban on stablecoins, contrasting sharply with the U.S., where former President Donald Trump advocated for cryptocurrencies but prohibited a digital dollar.
In a significant development, the PBOC stated it will continue to increase the number of operating institutions in a measured way, guided by market principles and legal frameworks. The bank aims to foster an open, inclusive, and fair competitive environment to support the digital yuan’s ongoing development and integration into the financial system.
