China’s Central Bank to Begin Digital Currency Trials

China’s central bank has been granted approval to begin a pilot project which will see commercial lenders using digital currency for transactions.

The new trials will be conducted internally at Chinese state-owned banks, and will consist of hypothetical tests using People’s Bank of China digital currency. The digital currency test will consist of a digital wallet, which can convert currency between digital money, cash, remittance and payment, and account balance check. The pilot digital wallets will mimic usage in several cities in China, including Xiong’an, Shenzhen, Suzhou, and Chengdu.

Much of this still remains behind closed curtains as the individuals that provided the internal information are anonymous and do not have authority to speak about the tests. The research is currently ongoing.

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