PBOC Authorizes 12 More Institutions for eCNY

China's central bank has broadened access to its digital currency, the eCNY, by authorizing 12 additional financial institutions to operate on the platform, a move aimed at increasing the program's reach and efficiency.

The People's Bank of China announced the expansion on April 2, bringing the total number of authorized operators to 22. The new entrants include seven national joint-stock banks, such as China CITIC Bank, China Everbright Bank, Shanghai Pudong Development Bank, Huaxia Bank, China Minsheng Bank, China Guangfa Bank, and Zheshang Bank. They are joined by five regional commercial banks, with Bank of Ningbo among the most prominent. Four of the regional institutions are still finalizing technical integration, according to the bank.

This development ends the previous concentration of operations among a smaller group of mostly state-owned banks, including the six largest ones, along with two joint-stock banks and two internet-based lenders, MYbank and WeBank. The PBOC stated that the expansion seeks to enhance the inclusiveness of digital yuan services and meet public demand for safe, convenient, and efficient payment options. Officials added that the bank will continue...