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.

Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

One Response

Video Articles

Gold Drilling Scaled to 60,000 Meters: How Big Can This Get? | Roger Rosmus – Goliath Resources

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Crypto: How Lending Against Digital Currency Works – The Daily Dive ft Waseem Shabout

For the final episode of The Daily Dive for the trading week, we sit down...

Friday, May 21, 2021, 01:30:00 PM

Mastercard To Begin Allowing Certain Cryptocurrencies On Its Network

The digital asset boom has been intensifying recently, as a number of financial platforms have...

Thursday, February 11, 2021, 10:45:00 AM

Sweden Unveils Plan to Adopt E-Krona as Idea of Cashless Societies Gains Momentum

It appears that the idea of cashless societies is beginning to gain momentum, with Swedish...

Sunday, December 20, 2020, 03:31:00 PM

Bank of France Settles $2.4 Million in Digital Currency Pilot Project

With pressure continuing to mount on banking institutions and national governments to align themselves with...

Tuesday, January 19, 2021, 02:47:00 PM

US Federal Reserve Considers Sending Money Directly to Americans Via Digital Currency

Since the coronavirus pandemic began, the Federal Reserve along with the US government unleashed a...

Thursday, September 24, 2020, 02:51:55 PM