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Hangzhou company claims city will likely win digital yuan pilot bid

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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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