Another 94 banks plan to access the CBDC via a clearing platform.
The CBDC will be used for "cash-like activities within a limited scale," such as paying for goods and services.
Closer to home, Brainard said without a digital dollar the proliferation of stablecoins could fragment the payment system.
The National Bank of Ukraine can now officially launch its own payment token.
Purchasers who pay for their coronavirus coverage with e-CNY can receive discounts.
Global stablecoins "may bring risks and challenges to the international monetary system," said PBOC's Fan Yifei.
The announcement came in a hearing about central bank digital currencies.
The country is testing the currency in different pilots.
The Riksbank will partner with Handelsbanken to test how the e-krona might work in the real world.
The Bank of Korea is looking for a technology supplier to explore a digital currency in a test environment.
The U.S. is biding its time to see whether a CBDC was something that would be a "good thing for the people," Powell said Wednesday.
This is the first sign the Bank of England exploring the launch of a CBDC following the release of a discussion paper in March 2020.
Officials at multiple government departments are increasing efforts to better understand any possible threat posed to the U.S. dollar by China's digital yuan.
The year-long Phase 1 will conduct experiments on basic functions of a CBDC.
CBDCs could facilitate central bank stimulus in the form of money drops, and lead to higher inflation, says BofA.