(Yicai Global) May 12 -- Newland Digital Technology, a Chinese point-of-sale system maker, will invest CNY50 million (USD7.8 million) to establish a new unit to create infrastructure for e-yuan payments to better serve commercial banks.

The subsidiary will focus on promoting the central bank-backed cryptocurrency's internationalization, the Fujian province-based company said in a statement yesterday.

Another unit, Yada Communication Network, will oversee the project. Yada has experience in the field as it built e-yuan systems for some commercial banks earlier.

China has tested the digital yuan in major cities such as Shenzhen, Suzhou, Beijing, and Chengdu since last October and is expected to be expanding the pilot to more cities this year.

China has yet no timetable for using the cryptocurrency nationwide and will continue its efforts via trials to create such infrastructure and ecosystem, Li Bo, vice governor of the People’s Bank of China, said at the Boao Forum for Asia in mid-April.

Newland Digital’s stock price [SHE:000997] rose 0.7 percent to CNY16.41 (USD2.60) as of 1.30 p.m. The equity price has climbed around 17 percent over the past three trading days.

Editor: Emmi Laine, Xiao Yi