As Wallebi reported previously, China is the pioneer in launching Central Bank Digital Currency (CBDC). It’s a long time that China is doing research in order to launch digital yuan. It’s for a while that China launched the first version of digital yuan. In fact, they are experimenting and analyzing the issues, which the platform may face in the future. As the first experiment gone successful, now China planned to expand the project. In the latest news in cryptocurrency world, China expands digital yuan to other provinces.
China expands digital yuan to other provinces; Beijing is the next destination
Recently, China’s Commerce Ministry announced that they are going to expand the experiment of their CBDC to Beijing and other neighboring provinces. They mentioned Hebei and Tianjin as other provinces, which the experiment will be launched in.
Wall Street Journal reported on Aug. 14 that China’s CBDC expanding program still doesn’t have any set time due to some uncompleted policy framework. In fact, it requires some policy frameworks to be completed by the end of this year.
Honk Kong and other wealthy areas also included
The experiment program will be run Hong Kong Greater Bay area as well. The area includes Shenzhen and Guangzhou as well as Macau.
The representative of Chinese Ministry of Commerce noted that the experiment will run in much of China’s wealthiest areas. In addition, the western region and poorer central, which meet unspecified criteria will be the part of the project too. The Bank of China is responsible to the project.
China’s CBDC is known as the first operational national digital currency. In fact, it plays the role as a Digital Currency Electronic Payment (DCEP).
It was in April, that People’s Bank of China tested DCEP in Suzhou, one of the major cities in Jiangsu province. Previously, China banks reported that they are experimenting a digital wallet, which designed for DCEP on a large scale.