"China's Bank of Ningbo said it is inviting suppliers to help build a system ‌to handle the digital yuan. The People's Bank of China (PBOC) may allow another 12 Chinese banks to conduct e-CNY businesses. ‌China has licensed 10 ⁠banks for digital yuan business. Beijing is stepping up its e-CNY initiative to cement its lead over other central banks in digital currency development, ​and to ​fend off threats from cryptocurrencies, ​which facilitated capital flight ‌and evasion of currency controls."