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China Has Expanded The Testing Of The Digital Yuan To Major Banks

China Has Expanded The Testing Of The Digital Yuan To Major Banks

Specially selected employees of the largest banks in China participate in "large-scale" testing of the digital currency system being developed in the country. According to TechNode, we are talking about expanding the experiment launched by the country's Central Bank in April this year.

Only employees of four banks — the Agricultural Bank of China, the Industrial and Commercial Bank of China, the Chinese construction Bank, and the Bank of China-who are recognized as trustworthy enough to participate in the project. They can use digital yuan to make money transfers and pay for services. Anonymous sources told the Chinese publication Caijing about this.

The pilot program has been running since April this year in four major cities — Shenzhen, Suzhou, Chengdu, and one of the satellite cities of Beijing. The crypto-yuan itself has been developed by the Central Bank of China since 2014. More extensive testing is expected during the 2022 Winter Olympics in Beijing.

It is assumed that the digital currency will help in the fight against economic crimes and help the country's Central Bank regulate monetary circulation. Digital yuan will be compatible with the widely used electronic payment systems from Ant Financial and WeChat in China, but it will also compete with them. The country does not yet have a specific schedule for the deployment of a nationwide digital currency system, the publication notes.

In addition to China, at the state level, the national cryptocurrency is being tested in one form or another by four other countries — Norway, Thailand, Ukraine, and South Korea (data from the Atlantic Council).

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