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China is expanding its digital yuan program by adding 12 commercial banks to the list of entities authorized to operate the currency, the People’s Bank of China (PBOC) said. The newly included banks include CITIC Bank, Everbright Bank, Guangfa Bank, and Shanghai Pudong Development Bank.
With the latest additions, the total number of banks allowed to participate in the digital yuan program has risen to 22. The PBOC said the expansion is intended to broaden service coverage and better meet consumer demand for payments that are “safe, convenient, and efficient.”
Since the digital yuan was launched in 2019, the pace of bringing it into everyday use has remained relatively slow. The article attributes this to consumers becoming accustomed to widely used payment platforms such as Alipay and WeChat Pay.
The move comes as China tightens oversight of cryptocurrencies and bans stablecoins. The article describes this as creating a divergence from the United States, where authorities are pushing forward the development of digital currency.
The PBOC reaffirmed it will continue expanding the number of operating institutions in line with market principles and the law, with the aim of maintaining a fair competitive environment for the digital yuan.
In brief\n\nBitcoin dropped to about $93,000, falling back below the EMA50 and putting its recent golden cross at risk of invalidation. The global crypto market cap stands at $3.15 trillion, down 2.38% in 24 hours. On Myriad Markets, 82% of the money is betting on Bitcoin pumping to $100K before…