Banks Flock to Chinese Digital Yuan Pilot – 60 Now Offer CBDC Wallets


More than 60 Chinese banks are now offering digital yuan wallets, according to reports. This is in line with the official launch of the digital yuan pilot program in Shenzhen, Guangdong Province, earlier this week. According to Chinese media outlet Xinhua, the digital yuan pilot is being conducted in four separate cities, including Shenzhen, Suzhou, Chengdu, and Xiongan.

The banks offering digital yuan wallets include all the top four state-owned banks – Bank of China, Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), and China Construction Bank (CCB) – as well as Bank of Hangzhou and Bank of Jiangsu. Other financial institutions offering digital yuan wallets include two local insurers, as well as telecom, retail, internet, and transportation firms.

According to the reports, the people living in the four cities can now open digital yuan wallets and make or receive payments in the local currency using the new wallet. Furthermore, they can also use the digital yuan to pay for public transportation and certain goods at select retail stores. The reports also state that users have the option to link their digital yuan wallets to their debit cards for making payments. Additionally, users are also able to transfer funds from their digital yuan wallets to bank accounts.

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