Moreover, the areas of Beijing and Hebei Province that hosted sites for the 2022 Winter Olympics and Paralympics will also be converted into pilot areas now that the games have finished, as a pilot run of the digital yuan had been rolled out for visitors at the games in these areas. On April 2, 2022, the People’s Bank of China (PBOC) released a readout of a meeting convened earlier in the week in which it announced it would expand the digital yuan pilot program to 11 more cities around China, including the six cities in Zhejiang province that will host the 2022 Asian Games. Users have access to a wider range of banks if they choose digital payment options, but the payments must be done through the bank’s third-party app. “Yu’E Bao”, the first such wealth management tool, received 350 million yuan on June 13, 2013, the day it was rolled out by e-commerce giant Alibaba’s payment platform Alipay. The company said 100,000 customers used e-CNY in 240,000 orders but declined to say how much of the total $55 billion spent during the sales period it constituted it was likely a fractional portion. ![]() made it a payment option during the event as part of a plan to encourage adoption of digital wallets. Pointedly, China’s annual online shopping extravaganza in November, known as Singles Day, featured only limited promotion of e-CNY, a currency designed for the internet.
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