China Launches State-Supported Digital Yuan

China has been working on launching digital yuan which is supposed to be supported by the People’s Bank China. The information has appeared at Coindesk source with a link to the Wall Street Journal.

According to the data provided by the Ministry of Commerce of China, the projected digital yuan will be intended both for electric payment and digital currency (EP/DC). At first it is going to be approved within the country’s major cities in the most developed regions. Primarily, it will concern Beijing area and the flourishing south-east regions adjacent to seas.

The Ministry has also added that for experimental purposes there will also be included some poorer central areas which will be able to comply with some special requirements.

The precise date of this experiment launch has not been disclosed, but, reportedly, it will happen not later than by the end of this year.

The principal purpose of invention of digital yuan is boosting the national economic development, stimulating development of high value branches of economy and improve its national educational system in the sphere of digital economy.

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