China To Begin Major Expansion Of Digital Currency Testing
- China To Begin Major Expansion Of Digital Currency Testing
by Tyler Durden, https://www.zerohedge.com/
China’s Commerce Ministry released new details Friday of a pilot program for the country’s central bank digital currency (CBDC) to be expanded to several metropolitan areas, including Guangdong-Hong Kong-Macao Greater Bay Area, Beijing-Tianjin-Hebei region, and Yangtze River Delta region.
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The Commerce Ministry is currently running pilot tests in four cities: Xiong’an New Area, Shenzhen, Suzhou, and Chengdu. The People’s Bank of China (PBoC), the country’s central bank, is supervising the rollout of the CBDC pilot program on a city by city basis.
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China’s CBDC is also known as a digital currency electronic payment (DCEP) and could become the first national digital currency. In April, the PBoC tested DCEP among government workers in Suzhou. Major state banks have also been administering large scale tests of digital wallets designed for a digital currency, or as the world will eventually find out: the digital yuan.
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