Digital Finance & Tokenization▲
China adds 8 banks to digital yuan network
China's central bank has added 8 banks to the digital yuan network, bringing the total number of e-CNY service providers to 30. The newly added banks include Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha, and Guangxi Beibu Gulf Bank, according to a Xinhua News Agency report. These banks will connect to the People's Bank of China's digital yuan system and begin providing services after completing operational and technical preparations. This network expansion follows the addition of 12 financial institutions in April, when previously only 10 banks had been approved as operators, with Industrial Bank being the latest to join in 2022.