This undated photo captures a sign promoting e-CNY payment at a department store in Shanghai. (LIU XIN / FOR CHINA DAILY)

China's central bank digital currency, the e-CNY, still has no preset timetable for a final launch before pilot programs can be further expanded with increased test scenarios, the People's Bank of China said on Friday.

The central bank will continually improve the e-CNY ecosystem, and continue to explore new application models, as well as optimize the design of the e-CNY system, the PBOC wrote in a report titled "Progress of Research and Development of E-CNY in China".

More than 20.87 million personal wallets and over 3.51 million corporate wallets had been opened, with transaction volume totaling 70.75 million and transaction value of about 34.5 billion yuan (US$5.34 billion), according to the PBOC

More work will be done to improve security management for the e-CNY operational system, based on the country's central bank law, covering security of passwords, financial information data, and business continuity, to ensure the safety and stability of the e-CNY system, the PBOC said in the report.

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There are issues waiting for research, such as the e-CNY's potential impact on monetary policy, the financial system and financial stability, it said.

"Meanwhile, the PBOC is willing to participate actively in international exchanges of views on digital fiat currency and discuss standards setting in an open and inclusive manner, in order to jointly advance the development of the international monetary system", reads the report.

China in the future will explore pilot cross-border payment programs of the e-CNY, the PBOC said.

"Looking ahead, the PBOC will actively respond to initiatives of G20 and other international organizations on improving cross-border payments, and explore the applicability of central bank digital currency in cross-border scenarios," the central bank said.

It will also work with relevant central banks and monetary authorities to set up exchange arrangements and regulatory cooperation mechanisms on digital fiat currency, said the PBOC.  

For the upcoming 2022 Beijing Winter Olympic Games, the e-CNY trial covers applications on unmanned vending carts, automatic vending machines and unattended supermarkets. Wearable devices have been developed, such as gloves, badges and Olympic uniforms, with payment functions, the PBOC disclosed for the first time. 

By the end of June, e-CNY had been applied in more than 1.32 million scenarios, covering utility payments, catering service, transportation, shopping and government services, the PBOC reported. 

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More than 20.87 million personal wallets and over 3.51 million corporate wallets had been opened, with transaction volume totaling 70.75 million and transaction value of about 34.5 billion yuan (US$5.34 billion), the official statistics showed.

With Xinhua inputs