China’s CBDC has witnessed growing interest from banks, according to recent reports. While, initially, only six banks added the digital yuan to their mobile apps, this week’s reports reveal that the number has increased to 35.
As stated by the state-owned Shanghai Securities Journal, banks of small and medium sizes prepare to provide e-CNY services to their customers.
The 35 banks that have embedded the digital yuan wallets in their apps include city banks, joint-stock companies, as well as rural credit cooperatives.
However, that number will further increase as more banks plan to take the same step. Specifically, another 94 banks intend to access China’s CBDC through a new clearing platform built by City Bank.
More and more trials for the central bank digital currency have been conducted across the country, with some of them successfully testing the digital yuan for their customers, as is the case of e-commerce giant JD.com.
China’s central bank has declared that it will test the CBDC during the 2022 Beijing Winter Olympics as well.