The world financial structure is changing taking countries to make advanced research in the blockchain field looking for a guarantee and secure way to implement the new order of digital money, the central bank digital currencies also dubbed CBDC! China is the second more powerful worldwide economy that since 2014 is studying the benefits of a CBDC and with immediate plans to release it to the public sooner than expected, and if wasn't the COVID-19 disease I believe that this time they could had it on their domestic market, But why they are so interested in releasing their digital Yuan so fast?!
Of course one of the reasons to release it could be linked to the apparent prevent for diseases such as COVID-19 that could be easily spreaded thru the infected money making more viable to the central authorities to start thinking seriously to adopt digital ways of payment and Digital Yuan is one of those forms, but as known their studies and research started a long time ago precisely in 2014 and here's why I think they are so interested in releasing their digital Yuan after reading a news coming from the state owned Television.
It seems the Chinese are running to have they Digital Yuan released that will substitute the paper money and be widely adopted in the nation (of almost 2 billion people) to present it to the World in the Olympic Games that will occur in summer of 2022 in the Country and with that move make their debut showing that they have knowledge and power in the blockchain technology and using it to develop their economy, services and industry.
China development in blockchain are increasing exponential and they have everything placed to start making really use of it and this April 25 they will release they national blockchain platform where anyone or company can deploy they own based blockchain products, and also have the national blockchain Committee that will be responsible to rule and intermediate operations based in blockchain in the country counting for that with well known firms to support them such Tencent among other 70 entities.
Last week the Agricultural Bank of China released an wallet App that could be used to test their Digital Yuan in four Chinese cities including Suzhou where next month local government employees will receive their 50% transportation subsidy in the Digital Yuan (experimental tests) and that to happen they will need to download the App and register with one of the Banks that will be involved in pilot tests of their CBDC.
One thing the World can be sure, China digital Yuan is coming and this will be a game changer to all blockchain industry very soon, despite being centralized currency can call worldwide top players to join the world!
#dont forget to stay protected and fight against COVID-19 take care and help protect others.
**picture from pixabay.com with royalty rights for commercial use here.
***find more developments about China digital Yuan here.