China Adds Eight Banks to Digital Yuan Network, Bringing Total to 30

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China has added eight more banks to its digital yuan network, expanding the number of institutions authorized to handle the central bank digital currency to 30.

Cointelegraph reported on August 18 that the People’s Bank of China designated eight additional banks as digital yuan operating institutions. The newly added lenders are Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha and Guangxi Beibu Gulf Bank.

The banks will be connected to the PBOC’s digital yuan system and can begin offering related services after completing operational and technical preparations.

China has accelerated the expansion of digital yuan operating institutions this year. In April, it added 12 institutions, including city commercial banks, to the network.