Li Bo, a deputy governor of the People’s Bank of China, said on Sunday that the digital currency pilot was going well following last year’s launch in four cities, plus the venues for the Winter Olympics. The experiment has since been expanded to include 10 cities or provinces covering 100 million people.
Speaking at China’s Boao Forum for Asia, Li said the central bank was focused on how the digital yuan, or renminbi, could be used in the domestic economy, rather than as a way of reducing the country’s reliance on the US dollar.
“For the internationalization of renminbi, we have said many times that it’s a natural process, and our goal is not to replace US dollar or any other international currency,” Li told attendees at the business conference, which was held in China’s Hainan province. “Our goal is to allow the market to choose.”