It's seems a new run for adoption of the digital coin started. Last week we saw France coming to public to announce their digital currency tests for next year 2020, and now is the China ,who is the first which has the idea to launch the digital coin, announcing that they will test their coin In two Chinese Cities first as a Initial Test.
The two Cities are:
- Shenzhen: That will run the initial Test in the end of this year In a small scale and 2020 it will be widely expanded and promoted in the City.
- The City of Suzhou: the tests also will occur here and the city will be responsable for the research and development of Digital currency, and offer support for test the new currency.
The Central Bank of China in this pilot phase of the tests partnered with several companies that will help in the test and adoption of the digital currency. In those Companies there are Banks and Telecommunications Firms that will implement it In the pilot phase.
The Commercial Banks involved with the initial Test will have to deposit an reserve in RMB to get the digital Coin and they will be also responsable to find the best solution to implement the use of the digital currency.
The Central Bank of China is studying the implementation of an digital currency since 2014 and this new notice and the " hurry" in adopting it,is caused by , Facebook Libra Project that could be promoted by the Central Bank of China.
One thing is certain the China digital currency electronic payment will be out very soon for Test and the Blockchain Technology and adoption is ongoing.
China is not alone in the race to launch a Digital Currency,last week France told the media that will run tests for their own digital coin next year also the European Union Central Bank could adopt it if the Bank system can't find cheap and fast system of payments.
Recently the British Virgin Islands announced their own digital coin that will substitute the Dollar and it will be pegged in a ratio of 1:1 with the digital Coin.
The world is going Digital and it's a matter of time to see more Countries involved with Blockchain and Crypto.