China’s commerce ministry has officially said that it would expand the digital currency program to large cities, including the capital Beijing.
In a statement released Friday, the ministry said the digital yuan pilot program would cover most of Chinese cities and regions such as Beijing, Tianjin, Hebei, Yangtze River Delta and Guangdong, as well as the neighbouring cities of Hong Kong and Macau. "Carry out digital RMB pilot projects in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, and the pilot regions in the central and western regions where conditions permit," said the ministry. It added that the program is being led by the People’s Bank of China (PBOC), the country’s central bank.
The PBOC has been researching and developing the digital currency since 2014, but its official launch date remains unknown.
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