China has expanded the number of cities covered in its digital yuan pilot project, which is now underway in the provinces of Zhejiang and Fujian.
According to a local media report, six cities in Zhejiang province have started experimenting with digital RMB payments for personal income tax, property tax, and social security premiums ahead of an official announcement of the pilot program.
In addition, 72 toll road collecting sites in Fujian province’s Fuzhou and Xiamen began accepting digital yuan payments on Tuesday, with the payment experience being “no different than Alipay or WeChat Pay,” according to local media.
In April, a new batch of digital yuan pilots was launched in eight cities throughout Zhejiang and Fujian provinces.
The digital yuan, or e-CNY, is China’s central bank’s digital currency, which began trials in Shenzhen in October 2020 and registered the equivalent of US$11.24 billion in transactions by the end of 2021.
According to Xu Yuan, a senior researcher at Peking University’s Digital Finance Research Center, the blockchain-based digital yuan financial movements are entirely traceable in theory, according to an interview with the South China Morning Post.
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