China moves digital yuan from pilot phase to full-scale supervision
China’s central bank, the People’s Bank of China (PBoC), announced that it will introduce a new action plan to oversee the digital yuan starting Jan. 1.
The initiative is designed to create a formal system for measuring, managing and supervising the central bank digital currency as it moves beyond pilot programs, reports Cryptopolitan.
Officials familiar with the matter say the e-CNY has entered a phase of full-scale application, both domestically and in select international use cases. The move follows years of testing across retail payments, public services and cross-border settlements. According to the PBoC, the new framework will better integrate the digital yuan into China’s broader monetary system. The announcement reflects a shift from experimentation toward institutionalization. It also signals Beijing’s intent to standardize governance around its CBDC.
Domestic adoption and cross-border expansion accelerate
China has already made progress in expanding the digital yuan’s reach, including completing its first cross-border e-CNY transaction with Laos. The country has also upgraded the mBridge platform, a multi-CBDC system designed to enable near-instant cross-border payments between participating central banks. Unlike private payment apps such as Alipay or WeChat Pay, the digital yuan is legal tender, meaning merchants are required to accept it.
Transactions are generally free for both consumers and businesses, and the system offers “controllable anonymity” for small-value payments. PBoC data published in October showed that cumulative digital yuan transaction volume nearly doubled over 14 months, reaching RMB 14.2 trillion, or about $2 trillion, by September 2025. This growth highlights rising usage across everyday payments and institutional channels. The digital yuan is increasingly positioned as a core component of China’s payment infrastructure.
Central bank tightens control as adoption grows
PBoC Governor Pan Gongsheng has emphasized the need to strengthen oversight as the digital yuan scales. He recently said the central bank would take effective measures to improve e-CNY management and align it more closely with national monetary policy objectives. China has established a digital yuan international operations center in Shanghai to coordinate cross-border cooperation, alongside another center in Beijing focused on system development and maintenance.
At the same time, Pan reaffirmed the country’s hard line on private cryptocurrency trading, noting that restrictions introduced in 2017 remain in force. He said the PBoC will continue working with law enforcement to crack down on domestic crypto speculation. Pan also noted that regulators are closely monitoring the development of foreign stablecoins. Together, these steps underline China’s preference for state-controlled digital money over private crypto assets.
Recently we wrote that Spain is preparing to fully implement the European Union’s Markets in Crypto-Assets Regulation (MiCA) by mid-2026, after opting to use the longest transitional period allowed under EU law.
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