China ramps up digital currency pilot testing with transactions topping 1.1 billion yuan

The People’s Bank of China (PBOC) mentioned that 3.13 million transactions have been processed using the nation’s sovereign digital forex as component of a sequence of ongoing pilot programs in important metropolitan areas these as Shenzhen and Xiongan.

According to the bank’s deputy governor, Fan Yifei, the currency has been utilized for more than billion yuan ($162 million) really worth of transactions. Pilots will also be conducted at the Beijing Winter season Olympics in 2022, he mentioned. 

The pilot programs have manufactured “positive development,” with additional than 6,700 use conditions applied as of late August for transactions ranging from bill payments and transportation to governing administration products and services.

“PBOC regards digital renminbi as an important monetary infrastructure for the foreseeable future,” Enthusiast mentioned, as quoted by the South China Early morning Write-up.

The e-yuan is remaining utilized for multiple payment solutions, together with barcodes, facial recognition, and tap-and-go transactions, he defined. Additional than 113,300 private digital wallets and about eight,800 corporate digital wallets have been opened as component of the pilot system.

Also on China’s digital yuan could swap bitcoin & stop US greenback hegemony

In May, PBOC unveiled strategies to have its sovereign digital forex all set in time for the subsequent Winter season Olympics. It mentioned that the new forex, which doesn’t have an official name but is acknowledged by its interior shorthand DCEP – or Digital Currency Electronic Payment – will share some options with cryptocurrencies these as Bitcoin and Facebook’s Libra. The forex is projected to swap hard cash in circulation.

DCEP has been introduced across 4 important metropolitan areas: Shenzhen, Suzhou, Chengdu, and the Xiongan New Area in the northern province of Hebei. The governing administration has presently commenced spending civil servants in the district of Xiangcheng in Suzhou 50 percent of their transportation subsidy in the digital forex as component of that city’s exam operate.

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