Economic Information Daily, a Xinhua News Agency affiliate publication, published an op-ed on Thursday outlining methods to accelerate the adoption of the digital yuan.
According to the editorial, local governments should increase their funds to promote the pilot.
It was also suggested that state-owned enterprises take the lead in implementing e-CNY.
The op-ed also advises that the digital yuan be made available to more merchants, particularly e-commerce platforms, and that additional public awareness campaigns be launched to promote the CBDC.
While legislation on the initiative is being developed, the central bank should focus on the rights and obligations of the digital yuan, according to the op-ed.
China’s CBDC — the digital yuan, or e-CNY — began trials in Shenzhen in October 2020 and reached a transaction volume of 87.565 billion yuan (US$11.238 billion) by the end of 2021; the piloting has since expanded to 23 Chinese cities.
However, the central bank stated in April that the project has issues with convenience, inclusiveness, innovation, security, compliance, and sustainability, all of which need to be researched and handled further.
According to data released at the end of last year, each personal digital yuan wallet’s average transfer amount is 335.5 yuan (US$52.66), or 1.4 percent of Chinese residents’ average yearly expenditure in 2021.
If transaction volumes from institutional/business wallets are excluded, the actual average transfer volume could be significantly lower.
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