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Hangzhou company claims city will likely win digital yuan pilot bid


An anonymous company based in Hangzhou told state media that it has signed deals with major commercial banks to facilitate the digital yuan, hinting China’s southeastern city could be a winning bidder for an upcoming batch of digital yuan pilot programs. 

See related article: PBOC branch chief seeks clarity on digital yuan as legal tender

Fast facts

  • Hangzhou’s administrative region Zhejiang Province proposed in January to showcase the digital yuan during the September Asian Games.
  • The central bank digital currency (CBDC) has been trialed in 10 cities and recently finished its high-profile showcase at the Beijing Winter Olympics.
  • The digital yuan, or e-CNY, is China’s CBDC, which topped US$11.24 billion in historical transactions last year.
  • In addition to Hangzhou, cities in five more provinces and two municipalities are in the race to host the third batch of digital yuan pilot programs. 

See related article: Digital yuan pilot attracts Chinese province bordering Russia

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Source: https://forkast.news/headlines/hangzhou-next-digital-yuan-pilot/

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