China to test digital yuan in large financial operations

The Ministry of Commerce of the People’s Republic of China announced the expansion of testing of the national central bank digital payment system (DCEP) for large commercial transactions. Testing will cover all levels of industries, including hospitality and e-commerce payment processing.

According to DeCrypt, the current initiative will complement recent plans to involve residents in Hebei, Yangtze Delta, Guangdong and a range of cities in the midwest in testing the digital yuan.

The first to participate in the program will be the city of Suzhou. According to local media outlets, DCEPs will be tested in retail, e-commerce and education companies as part of commercial transactions. Replenishment of transit cards with digital yuan will also be verified.

A similar expansion of the program in Shenzhen has also been reported. Shoppers in some convenience stores have confirmed that DCEP will be available to pay for goods.

According to the source, some disagreements persist between the Ministry of Commerce and the People’s Bank of China over the implementation of the digital yuan, which could affect the timing of its launch. Domestic debate is focused on creating incentives for consumers to switch from Alipay and WeChat.

Both departments are considering user feedback to improve the platform experience.
“We will allocate additional resources to expand the DCEP use cases. The necessary technical conditions have been created, and the risks remain under control”, said the project representative.

Recall that in early August, four largest banks in China joined the large-scale DCEP tests.

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