Hangzhou company signed deals with major commercial banks to facilitate the digital yuan

An anonymous company based in Hangzhou told state media that it had signed agreements with major commercial banks to facilitate a digital yuan, alluding to the southeastern city of China could be the winning bidder for an upcoming series of digital yuan pilot programs.

Hangzhou company claims city will likely win digital yuan pilot bid

The Hangzhou administrative region, Zhejiang province, proposed in January to exhibit the digital yuan during the Asian Games in September.

The central bank digital currency (CBDC) has been tested in 10 cities and recently wrapped up a top rollout at the Beijing Winter Olympics.

The digital yuan, or e-CNY, is China’s CBDC, topping $11.24 billion in historic transactions last year. In addition to Hangzhou, cities in five other provinces and two cities are racing to host the third digital yuan pilot program.

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