Digital yuan testing is expanding

Despite the fact of absence of exact date the Chinese legislation requirements suppose that all legislation base should be completed till the end of 2020.

China’s Commerce Ministry on the enlargement of the China’s central researches of digital currency (CBDC) to Beijing and Tianjin and Hebei provinces announced today that it will expand the trials of the nation’s central bank digital currency to include Beijing, as well as Tianjin and Hebei provinces.

Based on recent  Cointelegraph report, the program will also include the Hong Kong Greater Bay area: nine cities such as Guangzhou, Shenzhen, as well as Hong Kong, and Macau.

As Chinese Ministry of Commerce representative mentioned the researches will touch the Chinese wealthiest regions. Less wealthier regions who do not correspond specified criteria will join later. The overall guidance will be done by the People’s Bank of China.

China’s CBDC is a digital currency electronic payment (DCEP), which should become in future the country digital currency. In mid-April, this system had been tested in frames of a transport subsidies scheme for government and enterprise workers in Suzhou (major city in Jiangsu Province).

Recently it has become known that other Chinese state run banks have launched large scale testing of digital wallet for DCEP.

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