China expands digital yuan programme with 12 new bank operators

BEIJING, April 2 (Reuters) - ‌China's central bank ​has ​expanded its digital yuan programme by adding a dozen additional banks as operators, confirming a Reuters ‌report last month.

The 12 new banks allowed to ⁠handle the digital yuan include China CITIC Bank, China Everbright Bank, ‌China Guangfa Bank, Shanghai ‌Pudong Development Bank, among others, the People's Bank of China (PBOC) said in a statement.

The move aims to "enhance the ​inclusiveness of digital yuan services" and meet the public demand for "safe, convenient and efficient" payment options, the ⁠bank said.

Thursday's announcement takes the total number of authorised banks to handle the ​digital yuan to 22.

Beijing's push to put the digital yuan into the real economy has ​been slow so far since ‌its launch in 2019, with most retail customers already able to make safe and low-cost ⁠transactions via platforms such as Alibaba's Alipay and Tencent Holdings' WeChat Pay.

The strategy comes alongside China's intensifying crackdown on virtual ⁠currencies and a ban on stablecoins that highlights the contrast to ​the U.S., where President Donald Trump has promoted cryptocurrencies and banned a digital dollar.

"The central bank will continue to expand the ‌number of operating institutions in an orderly manner in accordance with market-oriented and rule-of-law principles," ‌the PBOC said, adding that it seeks to build ⁠an "open, inclusive and fair ‌competitive environment" for ​the digital currency's development.

(Reporting by Ethan Wang and Ryan Woo, Editing by William Maclean and Arun ‌Koyyur)

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