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China set to approve 3rd batch of localities for digital yuan trials

by Mike Robinson

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© Reuters. FILE PHOTO A sign indicating digital yuan (also known as eCNY) is pictured in a Shanghai shopping center on May 5, 2021. REUTERS/Aly Song

SHANGHAI, (Reuters) – China is set to approve third group of locales that will launch digital yuan currency trials. This was reported Wednesday by Securities Times.

The newspaper reports that several cities and regions applied for the permission to test the digital Yuan.

According to the newspaper, applicants included Henan provinces Fujian and Heilongjiang as well the cities Guangzhou Chongqing Fuzhou and Xiamen.

China’s digital currency, known also as the “e-cny”, has been subject to public testing in several cities, including Shanghai and Beijing.

However, the currency is still not widely adopted. Ant Group (OTC:) Ltd and Tencent Holdings are the country’s main mobile payment service providers.

The e-cny, along with cash yuan (NYSE:) and Visa (NYSE.:), was accepted as payment at Beijing’s 2022 Winter Olympics.

A People’s Bank of China official stated that the ecny was used to pay 2 million Yuan (317,000 USD) daily for transactions during the Olympics trial.

($1 = 6.3116 renminbi)

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