China Expands e-CNY Operator Network to 30 Banks

China has significantly expanded its central bank digital currency (e-CNY) operator network by tripling the total number of participating banks to 30 this year.

The People's Bank of China added eight new banks, including Bank of Shanghai and Bank of Hangzhou, which completed connections to the e-CNY central system earlier this week. This brings the total number of operators to 30 after adding a total of 20 institutions this year, with 12 banks joining in April.

The e-CNY operates under a two-tier structure, where the PBOC manages the core system and licensed commercial banks handle wallet opening, top-ups, exchange, payments, and anti-money laundering (AML).

China's January overhaul of the operating framework classified e-CNY held in commercial bank wallets as deposits on which those banks must pay interest. The PBOC plans to continue expanding the roster of e-CNY operators.