China Expands E-CNY Network as Korea Pauses and Japan, India Move Slowly

China added 12 banks to its digital yuan operator network in early April as CBDC momentum weakened elsewhere in Asia. As of the end of November 2025, China had recorded 3.48 billion cumulative e-CNY transactions worth 16.7 trillion yuan, or about $2.37 trillion. South Korea paused its digital won project in mid-2025, while Japan kept its digital yen stance ambiguous and India continued to face weak digital rupee adoption.

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