The People's Bank of China: Solidly carry out digital renminbi research and development pilot work

The People's Bank of China issued a document stating that as of now, the People's Bank of China has selected parts of 15 provinces (cities) to carry out digital renminbi pilot projects, and has determined 10 designated operating institutions through comprehensive evaluation. The top-level design such as the two-tier operation structure of the digital renminbi has passed all-round tests, and its feasibility and reliability have been effectively verified. Digital renminbi has formed a large number of application models covering online and offline, reproducible and popularizable in the fields of wholesale and retail, catering, cultural tourism, education, medical care, and public services. As of August 31, 2022, the pilot areas of 15 provinces (cities) have accumulated 360 million transactions with an amount of 100.04 billion yuan, and the number of merchant stores that support digital RMB exceeds 5.6 million. In addition, the digital renminbi will continue to promote development in terms of strengthening the supply of basic products, exploring the application of intelligent products, improving barrier-free and aging-friendly designs, and sticking to the bottom line of safety. The central bank also stated that it will actively participate in the multilateral central bank digital currency bridge project advocated by the Bank for International Settlements, and launch cross-border payment technology tests between the mainland and Hong Kong.