China’s Ministry of Commerce has announced the pilot run of the country’s central bank-backed digital currency in major cities, including Beijing, Hong Kong, and Macau. It will also be tested during the 2022 Winter Olympics games in Beijing, the ministry said.
China Announces Testing of Central Bank-Backed Digital Currency in Major Cities
China’s Ministry of Commerce announced Friday that a pilot run of the country’s central bank digital currency (CBDC) will begin in “Guangdong-Hong Kong-Macao Greater Bay Area, Beijing-Tianjin-Hebei region, and Yangtze River Delta region.”
According to the ministry, the digital yuan is already under trial in four cities: Xiongan New Area in North China’s Hebei province, Shenzhen in South China’s Guangdong province, Suzhou in East China’s Jiangsu province, and Chengdu in Southwest China’s Sichuan province. It will also be tested during the 2022 Winter Olympics games in Beijing, and be expanded to other regions as appropriate, the ministry added.
“The rollout of central bank digital currency is conducive to efficiently satisfying people’s demands for legal tender under the digital economy, to improving the convenience, security and anti-counterfeiting level of retail payment, as well as accelerating the development of the country’s digital economy,” Yi Gang, governor of the People’s Bank of China (PBOC), previously explained.
China’s four major state-run commercial banks have also started large-scale internal testing of a digital wallet app, the official electronic communication website of the State Council of the People’s Republic of China detailed on Friday. Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China are piloting the digital renminbi with the central bank in major cities, including Shenzhen.
The announcement describes:
Users in the trial can use the digital wallet to top up accounts, withdraw money, make payments, and transfer money after registering with their mobile phone number. The banks are also testing a scenario where users can transfer money without internet.
As news.Bitcoin.com reported, companies that have reportedly been testing the PBOC-backed digital currency include Chinese vehicles for hire company Didi Chuxing, McDonald’s, Starbucks, Subway, JD Supermarkets, Tencent, and Ant Financial.
What do you think about China’s digital yuan? Let us know in the comments section below.
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