Timeline of the development of China’s CBDC F I GUR E 6 The PBoC set up a research group to study CBDC 2014 Approval by the State Council, working with commercial institutions 2017 Roll-out of pilot in Shanghai, Hainan, Changsha, Xi’an, Qingdao and Dailan November 2020 e-CNY pilot programme expanded to 10 cities April 2021 e-CNY app rolled out January 2022 Pilot extended to include regions such as Sichuan Province, parts of Shandong Province and Yunnan Province December 2022 e-CNY used to buy securities for the first time with Soochow Securities mobile app 17 January 2023 Number of e-CNY transactions hits 360 million Pilot in four provinces including Guangdong August 2022 PBoC establishes its Digital Currency Institute 2016 Pilot runs in Shenzhen, Suzhou, Xiong’am and Chengdou 2019 Alipay and Tencent begin participating in trials February 2021 The Winter Olympics saw e-CNY accessible to foreigners February 2022 China includes e-CNY in cash circulation data for the first time New function added to app to make payments offline 11 January 2023 During Lunar New Year, 200 activities for the e-CNY were launched across China 6 February 2023 China bans cryptocurrency transactions September 2021 September 2022 Source: Deutsche Bank; PBoC. Central Bank Digital Currency Global Interoperability Principles 17
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