China expands digital yuan network with 8 new banks to accelerate adoption

China has added eight more commercial banks to its central bank-backed digital currency network, the latest move by Beijing to scale up adoption of the digital yuan, or e-CNY, and embed it more deeply into the country’s financial system. The expansion follows Beijing’s pledge to “steadily develop the digital yuan” in its latest five-year plan, the country’s blueprint document for socio-economic development. It also comes after 12 banks were added to the network in March, bringing the total...