China is set to expand its digital currency testing program to large cities, including Beijing

advertisement

China’s commerce ministry has officially said that it would expand the digital currency testing program to large cities, including the capital Beijing.

In a statement released Friday, the ministry said the digital yuan pilot program would cover most of Chinese cities and regions such as Beijing, Tianjin, Hebei, Yangtze River Delta and Guangdong, as well as the neighbouring cities of Hong Kong and Macau.

"Carry out digital RMB pilot projects in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, and the pilot regions in the central and western regions where conditions permit," said the ministry. It added that the program is being led by the People’s Bank of China (PBOC), the country’s central bank.

It is not clear when these pilot programs would begin, but the policy design of the digital currency is expected to be completed by the end of this year, said the ministry.

Earlier this year, the PBOC launched a pilot program for the "digital currency/electronic payment" (DC/EP) in four cities: Shenzhen, Suzhou, Chengdu and Xiong’an New Area. Most recently, China’s ride-hailing giant Didi also partnered with the central bank’s Digital Currency Research Institute to carry out research and test the application of the digital currency.

The PBOC has been researching and developing the digital currency since 2014, but its official launch date remains unknown. In Friday’s statement, the commerce ministry said the government’s technological efforts are aimed at upgrading China’s economy.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post
More