Digital Yuan testing could be expanded to large Chinese cities such as Beijing and Hong-Kong region.

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4 years ago

The Digital Yuan also dubbed Digital currency electronic payment (DCEP) or Central Bank digital Currency (CBDC) powered by Blockchain and issues by People's Bank of China (PBoC) will be expanding their testing into largest cities in the country such as Beijing (the capital City), Tianjin, Hebei, Yangtze River Delta and Guangdong.

The pilot testing program also will be directed to neighbouring regions from the administration of China such Hong-Kong and Macau.

China digital Yuan program is being carried on since 2014, Digital Currency Electronic Payment will substitute the paper money on the S Mainland China and the government have several partnerships to help spread it around the country, counting with Banks and telecommunications state services to take it in this phase to let Chinese citizens to test it.

The testing program started earlier this year and firstly was directed to four Chinese cities, Shenzhen, Suzhou, Chengdu and Xiong’an New Area.

The Blockchain tech have been growing in China after the Chinese President Xi JingPing endorsed the urge in the use of the technology which led several developments in the area, also took the country to organize a Blockchain Committee supported by the biggest technological companies in China such Alibaba and Tencent.

China is the second most powerful economy in the world and their interest in issuance of digital currencies is a clear intention to the government to migrate to digital solutions, which are more effective, cheap, fast in payment domestic and cross border most important based in Blockchain.

Of course it raises voices concerning control over the Chinese citizens by the government, but it's a solution encountered to supplant certain measures by the authorities also will lead them to be the first ones learning and adopting Blockchain, when others wake up they will be long gone in experience about the environment surrounding Blockchain.

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Comments

Good article

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4 years ago

Government will know everything about your money movement and easily freeze your assets as they will. Nothing exciting about this development, especially we have already debit and credit cards.

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4 years ago