Bank of China Requires Its Branches to Accept Digital Yuan in Various Retail Scenarios

by Sep 4, 2023CryptoNews0 comments

The Bank of China, one of the four major state-owned banks in China, has issued a notice to its branches and subsidiaries, requiring them to offer the digital yuan as a payment option in various retail scenarios.

According to a report by Sina Finance , the notice was issued on Oct. 13 and stated that the bank aims to promote the adoption and circulation of the digital yuan, also known as e-CNY or DC/EP, in the domestic market.

The notice listed several retail scenarios where the digital yuan should be available, such as supermarkets, convenience stores, restaurants, hotels, gas stations, parking lots, vending machines, and online platforms. The notice also instructed the bank’s branches and subsidiaries to cooperate with merchants and service providers to integrate the digital yuan payment system into their existing infrastructure.

The notice also emphasized the importance of ensuring the security and stability of the digital yuan system, as well as complying with the relevant laws and regulations. The notice also urged the bank’s staff to educate and guide customers on how to use the digital yuan and its benefits.

The Bank of China is one of the six authorized institutions that are participating in the development and testing of the digital yuan project, which is led by the People’s Bank of China (PBoC), the country’s central bank. The other five institutions are the Industrial and Commercial Bank of China, the Agricultural Bank of China, the China Construction Bank, the Postal Savings Bank of China, and the China Merchants Bank.

The digital yuan project has been undergoing various trials and pilot programs in different cities and regions across China since last year. The project aims to create a digital version of the Chinese national currency that can be used as a legal tender for various transactions. The project also aims to enhance financial inclusion, reduce cash usage, and counter the influence of private cryptocurrencies.

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