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Beijing, Shanghai to Enter Wider Testing of Digital Yuan in 2021

  • Posted On - 2021-01-27 12:28:56

The more comprehensive effort to improve the digital currency introduces a launch in the "near future," per a state media report.

China’s most consequential municipalities are planning to hold pilots to promote the use of the country’s central bank digital currency by this year.

As per the statement from Chinese state media outlet Global Times on Sunday, Beijing's mayor said the capital will hasten the development of "demonstration zones" for fintech and expert services over 2021.

That effort is going to include assisting a pilot application for the CBDC, officially called Digital Currency Electronic Payment (DCEP).

The mayor of Shanghai made a similar pledge to promote the digital currency, per the report.

In Guangdong Province, governments are to encourage Shenzhen's development as an "innovative pilot zone" for the digital yuan, its governor said. 

Shenzhen has just proclaimed its third trial of DCEP, acknowledging the public to get their hands on the computerised cash via lottery-like giveaways.

The report cites "industry observers" as maintaining the statements mark a bigger push to improve the digital currency before a launch in the "near future."

Source:

https://www.nasdaq.com/articles/beijing-shanghai-to-join-wider-testing-of-digital-yuan-in-2021-2021-01-24#:~:text=China's%20biggest%20cities%20are%20planning,currency%20(CBDC)%20this%20year.