China's Bank of Ningbo readies digital yuan business as Beijing expands e-CNY
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China's Bank of Ningbo is preparing to develop a system for the digital yuan, indicating that the People's Bank of China (PBOC) may soon issue more licenses for e-CNY operations. Currently, 10 banks are licensed, with reports suggesting an additional 12 may be approved. The PBOC aims to enhance the digital yuan's usage amid increasing competition from cryptocurrencies. The digital yuan, launched in 2019, has seen limited public adoption, as many still prefer Alipay and WeChat Pay for transactions.
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