China adds 12 banks to digital yuan system, expanding e-CNY’s economic presence

2026.03.20 15:20 A security guard drinks from a bottle near an ad for e-CNY, or digital yuan, in Beijing on August 31, 2022. Photo: AP China is set to include 12 more commercial banks under the umbrella of its central bank-backed digital currency, the latest move by Beijing to scale up adoption of the digital yuan, also known as the e-CNY, as it transitions from a cash alternative to an interest-bearing deposit instrument. The expansion comes after Beijing pledged to “steadily develop the digital yuan” in its latest five-year plan, the country’s blueprint document for socio-economic development. A draft Finance Law published on Friday recognised the digital currency as fiat currency equivalent to cash, while a new framework supporting the wider campaign took effect in January. The additional banks would undertake functions such as opening wallets, currency exchange and payment processing, according to a source familiar with the matter. That followed a procurement statement issued by the Bank of Ningbo on Tuesday, soliciting vendors with e-CNY experience as it builds out its infrastructure for the digital currency. The new additions include seven national joint-stock commercial banks: China Citic Bank, China Everbright Bank, Huaxia Bank, China Minsheng Bank, China Guangfa Bank, SPD Bank and Zheshang Bank, according to Shanghai Securities News. Five city commercial banks – including the Bank of Ningbo – will also be added. Only 10 banks – including China’s six major state-owned banks – are currently integrated into the digital yuan network. Under the central bank’s supervision, the commercial banks would be responsible for the e-CNY’s day-to-day operations as well as compliance checks related to areas such as anti-money laundering and identity verification. Pitched as a shift from “digital cash” to deeper integration into the regulated financial system, the January framework allowed authorised commercial banks that hold digital yuan to factor e-CNY wallet balances int

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