Prc'due south central depository financial institution is pushing exposure to its ongoing national digital currency pilot by enlisting two major private banks in the project.

According to a Monday Bloomberg written report, MYbank and WeBank will help the People's Bank of China extend its user exposure in the ongoing pilots of its central bank digital currency, the digital yuan.

Equally part of the integration, MYbank'southward service volition before long be introduced to the PBoC's digital yuan app, people familiar with the affair told Bloomberg.

The due east-wallets by MYbank and WeBank volition reportedly accept exactly the aforementioned functions every bit those from the six land-owned lenders in the trial. As previously reported, the PBoC has been collaborating with country-owned banks similar the Bank of Red china, China Structure Bank, the Industrial and Commercial Bank of China and the Agricultural Banking concern of China on the project.

A spokesperson for MYbank told Bloomberg that the depository financial institution volition "steadily advance the trial pursuant to the overall organisation of the PBoC." MYbank and WeBank did not immediately respond to Cointelegraph'due south request for comment.

As previously reported past Cointelegraph, WeBank is Red china'due south meridian digital banking concern, providing service to more 200 1000000 customers as of May 2020. The bank has been actively experimenting with blockchain technology in recent years, condign one of the world's biggest blockchain patent filers in 2019. Chinese internet behemothic Tencent is reportedly the biggest stakeholder in WeBank, owning a 30% stake.

Launched by Alibaba and its affiliate business firm Ant Financial in 2015, MYbank is a major online individual commercial bank focused on lending services to small and medium-sized enterprises. Alibaba founder Jack Ma is the biggest shareholder in MYbank, reportedly holding a 30% pale.

Last week, Red china's state commercial bank, the Postal Savings Bank of China, released a biometric hardware wallet in a motility to simplify access to the CBDC.