Crypto▲ Bullish
China's Digital Yuan Expands to 30 Banks with Eight New Operators
PBOC adds eight banks to digital yuan network, bringing total operators to 30. The new group includes joint-stock and city commercial banks, targeting regional SME payment access.
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The People's Bank of China has authorized eight more commercial banks to operate its central bank digital currency, bringing the total number of e-CNY operators to 30. The new group includes Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha, and Guangxi Beibu Gulf Bank.
The approvals, announced this week, follow an April round that added 12 banks – the first time city commercial institutions were included. Before 2026, only 10 banks held e-CNY licenses. Industrial Bank got the tenth slot in 2022, then authorizations stalled until the PBOC said last October it would welcome more participants.
The central bank wants these institutions to integrate directly with its e-CNY infrastructure once they meet technical requirements. They will then offer digital currency services through their own branch networks and apps. The mix of joint-stock and city commercial banks is designed to reach small and medium enterprises outside major financial hubs, PBOC officials said.