China expands the scale of CBDC use

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China just marked a major step forward in the digital currency revolution by expanding the functionality of CBDC. Accordingly, the e-CNY mobile application has been updated, so that international visitors can easily register for an e-CNY wallet and top up their accounts via Visa and Mastercard debit cards, ChinaDaily reported on March 26. /9.

This step is especially important as the Hangzhou 2023 Asian Games are taking place, expected to attract a large number of tourists and athletes from all five continents. China seems to see an opportunity to test its digital currency on a wider and more notable scale than ever before.

Previously, large-scale testing of e-CNY began at the 2022 Beijing Winter Olympics, but was limited to the Olympic village. Currently, foreigners can use this digital currency throughout China, opening up many new and convenient possibilities for them.

As mobile payments have become the dominant means of payment in China, new developments will bring international visitors a better experience during their visits or stays in China, said domestic experts. mainland, and revealed that they will have more measures to promote CBDC.

An employee of Bank of Communications Beijing Branch guides a tourist to open an e-CNY wallet on a mobile phone on June 16, 2021. [Photo/Xinhua]

Information from the Bank of China (NBC) shows that by the end of May 2022, more than 4.5 million stores accepted payment by e-CNY. This demonstrates the acceptance and popularity of e-CNY in the country. By the end of June 2023, the total value of CBDC transactions in China had reached more than 1.8 trillion yuan (equivalent to 250 billion USD), demonstrating the important contribution of CBDC in the financial system. of the country.

Expanding the functionality of e-CNY to foreigners and allowing them to use Visa and Mastercard to fund their accounts is not only an important step in bringing Chinese CBDC to the world, but also An important breakthrough in promoting the process of digitizing global currency.

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