China will expand digital yuan experiments -central bank vice governor

There is no specific timetable for digital yuan rollout

  
China's official app for digital yuan is seen on a mobile phone next to 100-yuan banknotes in this illustration picture taken October 16, 2020.

China's official app for digital yuan is seen on a mobile phone next to 100-yuan banknotes in this illustration picture taken October 16, 2020.

REUTERS/Florence Lo/Illustration

BOAO- China will expand digital yuan experiments to more cities, but there is no specific timetable for its official rollout, central bank vice governor Li Bo told Boao Forum on Sunday.

China is one of the frontrunners in the global race to launch central bank digital currencies, and last year launched testing in several cities including Suzhou, Shenzhen, Chengdu and Xiong'an.

Li said testing had shown the issuance and distribution mechanism of the digital yuan, or e-CNY, is compatible with the existing financial system, and helps minimize the impact on the banking sector.

Next, China will continue to improve e-CNY's ecosystem, enhance its security and reliability, and set up a set of legal and regulatory framework, Li said.

At the Beijing Winter Olympics to be held next year, e-CNY will be used by Chinese citizens as well as foreign visitors, he said.

(Reporting by Kevin Yao; Editing by Emelia Sithole-Matarise)

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