China adds eight banks to digital yuan network, totaling 30

The People’s Bank of China (PBOC) has added eight banks to its digital yuan operator network, increasing the number of e-CNY operating institutions to 30. The newly included banks are Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha and Guangxi Beibu Gulf Bank.

Each bank will be connected to the PBOC’s digital yuan system and may begin offering e-CNY services after completing required operational and technical preparations. The regulator said the expansion is part of an ongoing effort to grow the network of operators to encourage competition among providers and widen public access to the digital currency.

The latest round follows an April update when 12 institutions were added to the operator list. Before this year’s additions, 10 banks were authorized e-CNY operators, with Industrial Bank the most recent to join in 2022.

The PBOC began researching a central bank digital currency in 2014 and launched pilot programs in late 2019. Since then the e-CNY has been used for merchant payments, public utility fees and some government services. Adding more operator banks increases the number of access points where consumers and businesses can use the digital currency.

Dong Ximiao, chief researcher at Merchants Union Consumer Finance, noted the expanded operator base could fill service gaps for regional small and medium-sized enterprises and support cross-border trade.