Chinese Banks are adding digital Yuan to Apps. This is What You Need to Know

The Chinese Central Bank Digital Currency is gradually spreading to more people. This can be seen as 35 banks in China include the digital Yuan in their mobile apps.

According to a local report ,, the digital RMB app reveals that there has been an increase in the number of banks added to the interface. The digital app had six state-owned banks before now.

These additional banks have now access to the digital rupembi App to recharge their digital RMB wallets. These banks include joint-stock companies, urban commercial banks, rural commercial bank, rural credit cooperatives, as well as city commercial banks.

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A report by Shanghai Securities Journal also states that digital currency is being adopted by both small and large banks. According to the state-owned journal, these financial institutions are trying to offer e-CNY services for their clients.

How The Digital Yuan Testing Has Progressed

At the time of the first testing of the digital Yuan in the country’s, only 6 Chinese state-owned banks were involved. As cryptocurrency became more mainstream, more firms were added to the testing.

As a result, financial organizations such as city banks, joint-stock companies, and rural credit cooperatives constitute the recent 35 banks in the testing.

In the same vein, 94 banks are planning to embed the digital yuan. The local report includes 3 foreign banks,15 private banks, and 76 city commercial banks. They will use a new clearing platform for digital yuan access.

The report also reveals that City Bank, a private Shanghai-based company, built the clearing platform. City Bank Clearing is a well-respected platform in the financial sector and provides exceptional financial technology.

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Moreover, the report mentions that, an e-commerce giant, has successfully undergone CBDC testing on its platform. In preparation for the testing, participated in and funded trials. It is making an effort to meet the needs of its business customers.

Recent activities suggest that there has been an increase in digital yuan trial expansion across the country. More companies are choosing to test digital yuan due to cryptocurrency’s popularity. Even the People’s Bank of China has indicated its interest in the test during Beijing Winter Olympics in 2022.

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