China Expands Digital Yuan Trials

China Expands Digital Yuan Trials

By DHEagle | CryptoTent | 15 Aug 2020


China's Ministry of Commerce is currently testing the country's central bank digital currency (CBDC); It announced that it will expand to include Tianjin and Hebei provinces as well as Beijing. According to a report by the Wall Street Journal dated August 14, it is not yet clear when China will start the CBDC's expanded pilot program. Still, the country's Ministry of Commerce announced that the policy framework must be completed by the end of 2020. This expanded pilot program will also include the Greater Bay (Greater Bay) region comprising nine cities including Guangzhou, Shenzhen, Hong Kong, and Macau.

A ministry representative said today that the trials will cover most of China's richest regions. Weaker central and western regions that meet unspecified criteria will also participate in the test. The Chinese Central Bank will manage the trial.

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CBDC developments in China

China's CBDC is locally known as the digital currency electronic payment (DCEP) and is expected by many to be the first operational national digital currency. Central Bank of China in mid-April; It had tested DCEP as part of a transportation-focused program for government and business employees in Suzhou, a major city in Jiangsu Province.

Earlier this month, Chinese state banks were also reported to be testing a digital wallet designed for DCEP on a large scale.

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