BEIJING, April 2 – The People’s Bank of China announced Thursday it has authorized 12 additional financial institutions to operate its digital yuan system, validating a previous Reuters report from last month.
Among the newly approved banks are China CITIC Bank, China Everbright Bank, China Guangfa Bank, and Shanghai Pudong Development Bank, according to the central bank’s official statement.
The expansion is designed to “enhance the inclusiveness of digital yuan services” and provide citizens with “safe, convenient and efficient” payment alternatives, officials stated.
With Thursday’s announcement, the total count of authorized digital yuan operators has reached 22 institutions.
China’s efforts to integrate the digital yuan into everyday commerce have progressed more gradually than anticipated since the program’s 2019 debut, largely because consumers already have access to secure and affordable payment methods through established platforms like Alibaba’s Alipay and Tencent Holdings’ WeChat Pay.
This initiative unfolds as China maintains its strict stance against virtual currencies and prohibits stablecoins, creating a stark difference with the United States, where President Donald Trump has endorsed cryptocurrencies while rejecting a digital dollar.
“The central bank will continue to expand the number of operating institutions in an orderly manner in accordance with market-oriented and rule-of-law principles,” the PBOC stated, emphasizing its goal to establish an “open, inclusive and fair competitive environment” for digital currency growth.
