Fan Yifei, deputy governor of the Central Bank of China, told Financial News that companies and individuals in the country will be required to accept the digital yuan (CBDC) once it is launched.
In China, CBDC is classified as part of the money supply, which includes the mandatory adoption of the virtual yuan as a means of payment, according to a Central Bank official.
In April, Chinese authorities began testing their CBDCs in four major cities. Last month, the list of cities that support testing was expanded to include Beijing, Hong Kong, Macau, and several provinces.
Earlier in July this year, local food delivery market leader MeituanDianping, passenger carrier DidiChuxing, and video hosting Bili Bili announced their participation in the testing of the Chinese CBDC.
