China to add 12 more commercial banks to its digital yuan network

The People's Bank of China (PBOC) plans to add approximately 12 commercial banks to its digital yuan system, local media outlet Caixin reported. These banks will handle functions including wallet creation, currency exchange, payment processing, and operational maintenance. Currently, 10 banks participate in the system, including the country's six major state-owned banks. The report noted that commercial banks' enthusiasm for participation is growing as the digital yuan's status evolves from digital cash to a digital deposit currency.