The e-CNY app seen on a mobile phone beside Chinese paper currency, January 6, 2022. Photo: EPA-EFE
The e-CNY app seen on a mobile phone beside Chinese paper currency, January 6, 2022. Photo: EPA-EFE

China’s fully cashless society a step closer after two private banks end services for banknotes and coins

  • Two private banks in Liaoning province and the capital of Beijing will no longer provide services involving banknotes and coins, effective March and April respectively
  • Beijing has been conducting a nationwide pilot scheme for the e-yuan, with more than 261 million people downloading the wallet app

The e-CNY app seen on a mobile phone beside Chinese paper currency, January 6, 2022. Photo: EPA-EFE
The e-CNY app seen on a mobile phone beside Chinese paper currency, January 6, 2022. Photo: EPA-EFE
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