China is set to include 12 more commercial banks under the umbrella of its central bank-backed digital currency, the latest move by Beijing to scale up adoption of the digital yuan, also known as the e-CNY, as it transitions from a cash alternative to an interest-bearing deposit instrument.
The expansion comes after Beijing pledged to “steadily develop the digital yuan” in its latest five-year plan, the country’s blueprint document for socio-economic development. A draft Finance Law published on…
China adds 12 banks to digital yuan system, expanding e-CNY’s economic presence
