China is to lead a major expansion of digital currency

China plans to test the central-bank led digital yuan. As the Minister of Commerce of China said earlier, the digital currency dubbed DC/EP for digital currency/electric payment will be trialed in the most developed regions of China, including Hebei province, the Yangtze river delta, Guangdong province and Beijing, Tianjin, Hong Kong and Macau.

Some poor regions may also be included in the trial if the meet the necessary requirements. The dates of the trials were not announced, but the entire project is planned to be finished by the end of 2020.

This new initiative is meant to boost the nations economy, as said Minister of Commerce of China. “Innovative technologies, like digital currency and Al are to encourage “higher value” industries’, added minister of Commerce.

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