Digital Renminbi Trials to Steadily Advance in 2023: Chinese Central Bank

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The People’s Bank of China (PBOC) has flagged the steady continuation in 2023 of trials schemes for China’s Central Bank Digital Currency (CBDC), also referred to as the “digital renminbi” or “e-yuan.”

PBOC said that digital renminbi research and development pilot projects should be “steadily promoted in 2023,” while “top-level design should continuously improve and innovative applications should be actively explored.”

PBOC officials made the remarks on 4 April, at a meeting convened on work in relation to currency, gold, silver, and security.

The meeting also called for “pushing forward the management of the full-life cycle of the physical renminbi and digital renminbi research and development pilot projects according to the requirements of the central bank’s party committee; continuously improving the level of security and management, and making positive progress in various tasks.”