China Adds Eight Banks to Digital Yuan Network, Expanding Total to 30

China has added more banks to handle the digital yuan, its central bank digital currency.

Cointelegraph reported on Aug. 18 that the People’s Bank of China designated eight additional banks as digital yuan operators, bringing the total to 30. The newly added banks are Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha and Guangxi Beibu Gulf Bank.

The newly designated banks will be connected to the People’s Bank of China’s digital yuan system and will be able to provide related services once they complete operational and technical preparations.

China has been rapidly expanding its roster of digital yuan operators this year. In April, it added 12 institutions, including city commercial banks, as operating institutions.