China is preparing to allow 12 additional banks to handle the digital yuan, expanding the financial network supporting its central bank digital currency.
The move would increase the number of authorised institutions from 10 and is part of Beijing’s broader effort to accelerate adoption of the e-CNY in the real economy.
Although domestic uptake has been slower than expected due to the popularity of existing digital payment platforms, officials and analysts see stronger long-term potential in cross-border settlement and regional financial infrastructure.
The expansion also reflects China’s state-led approach to digital money, which differs sharply from the United States by prioritising central bank control while limiting private digital currency alternatives.
The digital yuan remains a strategic project for Beijing as it looks to strengthen the international role of its currency and reduce dependence on dollar-based financial systems.
