The Central Bank of China attracted 17 more provinces to the pilot project of the digital yuan

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People's Bank of China (PBOC) intends to expand the geography of the pilot program for testing the state cryptocurrency, connecting to it in another 17 provinces of the country.

China's central bank announced "significant progress andbreakthrough in many aspects" during the first stages of testing the digital yuan (e-CNY). Based on its positive experience, the financial regulator announced that 17 more provinces of the country will join the next stage of “pilot industrial operation” of CBDC. The expanded pilot project will include about 30 special thematic events on the practical application of the digital yuan.

In addition, the NBK plans to integrate e-CNY andtraditional electronic payment instruments so that consumers can use CBDC in a familiar environment. For example, Soochow Securities, a dedicated mobile app created to serve CBDC, now allows investors to purchase securities using e-CNY, making it more accessible for investing.

The PBOC said it will continue to introduce innovative applications in the future to realize the interconnection between the digital yuan ecosystem and traditional electronic payment instruments.

Previously, the People's Bank of China announced the launchcross-border payment systems Universal Digital Payments Network (UDPN) for settlements in stablecoins and CBDC, which will fulfill the same role as the Society for Worldwide Interbank Financial Telecommunications (SWIFT).