Central Bank Announcement! The number of digital RMB business operation institutions has increased by 12, bringing the total to 22.

The China Securities Journal, China Securities Network, reports (Reporter: Zhang Jones). On April 2, the People’s Bank of China (PBOC) issued an announcement stating that 12 new institutions will be added as operators for digital renminbi business.

According to the announcement, the PBOC added China CITIC Bank, China Everbright Bank, Huaxia Bank, China Minsheng Bank, Guangfa Bank, Shanghai Pudong Development Bank, Zheshang Bank, Ningbo Bank, Jiangsu Bank, Beijing Bank, Nanjing Bank, and Suzhou Bank as bank-type digital renminbi business operating institutions, and connected them to the PBOC’s digital renminbi system. After the new institutions complete their business and technical preparations, they will carry out digital renminbi business.

With the addition of the digital renminbi business operating institutions established earlier—ICBC, ABC, BOC, CCB, Bank of Communications, Postal Savings Bank, China Merchants Bank, Industrial Bank, MYbank, and WeBank—the number of digital renminbi business operating institutions has expanded to 22.

The PBOC said this move is intended to implement the deployment in the “15th Five-Year” plan outline on steadily developing the digital renminbi, further enhance the inclusiveness of digital renminbi services, and continuously respond to the public’s demand for secure, convenient, and efficient digital renminbi services.

Next, the PBOC will, in an orderly manner and following the principles of market-based and rule-of-law approaches, further expand the roster of operating institutions, to further stimulate the initiative and creativity of market players and to build an open, inclusive, and fair-competitive development environment for the digital renminbi.

(Editor: Wen Jing)

Keywords:

                                                            Digital renminbi