China is expanding its digital transformation efforts for its official currency, the Yuan, to the entire country.
Chinese, official currency through the Central Bank Yuan It is trying to integrate . Vice President of the Central Bank of China Fan Yifeimade statements about digital transformation studies at the economic forum.
China Expands Its Digital Transformation Work Nationwide
China has so far completed tests for cryptocurrencies in 23 different cities. As a result of the latest statements and planning, China, which has been working in 4 different cities for the Digital Yuan, wants to expand its tests across the entire province and complete the digital transformation.
Underlining that the Central Bank has accelerated economic digitalization since the beginning of 2022, Yifei stated that they published a financial development draft as a result of their work. The draft, which includes the digitization process of the Chinese currency Yuan, is planned to cover the years 2022-2025.
In the test studies for the digital transformation of Yuan, shopping trials are carried out in the stores within the test zone. According to Fan Yifei, Vice President of the People’s Bank of China, online and offline usage channels in the tests, government payments It was noteworthy that they also discussed the category. China, which has been successful in the tests so far, has expanded its coverage and test cities and has started the process of digitizing the Yuan. 2025He wants to finish by the end of the year.
