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China Testing Digital Currency in Major Cities, Including Beijing and Hong Kong

China’s Ministry of Commerce has introduced the pilot run of the nation’s central bank-backed digital forex in main cities, together with Beijing, Hong Kong, and Macau. It can even be examined through the 2022 Winter Olympics video games in Beijing, the ministry stated.

China Announces Testing of Central Bank-Backed Digital Currency in Major Cities

China’s Ministry of Commerce introduced Friday {that a} pilot run of the nation’s central financial institution digital forex (CBDC) will start 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 underneath trial in 4 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 can even be examined through the 2022 Winter Olympics video games in Beijing, and be expanded to different areas as applicable, 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), beforehand defined.

China’s 4 main state-run industrial banks have additionally began large-scale inner testing of a digital pockets app, the official digital communication web site 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 financial institution in main cities, together with Shenzhen.

The announcement describes:

Users in the trial can use the digital pockets to prime up accounts, withdraw cash, make funds, and switch cash after registering with their cell phone quantity. The banks are additionally testing a situation the place customers can switch cash with out web.

As information.Bitcoin.com reported, corporations which have reportedly been testing the PBOC-backed digital forex embrace Chinese autos for rent firm Didi Chuxing, McDonald’s, Starbucks, Subway, JD Supermarkets, Tencent, and Ant Financial.

What do you concentrate on China’s digital yuan? Let us know in the feedback part beneath.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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