China is already testing its national digital currency, but the country’s Ministry of Commerce plans to significantly expand the pilot project and launch it in most major cities.
Digital yuan testing will be launched in Beijing and the northern provinces of Hebei and Tianjin, the Yangtze Delta region in the south, wealthy cities on the southern coast, Guangdong province, and Macau and Hong Kong.
Also, a pilot project will be launched in some cities of the poorer regions of the country – central and western. To participate in the program, major cities in these regions will need to meet some unnamed conditions.
Exactly when the expanded pilot programs will begin is not disclosed, although the final requirements for the digital yuan and the national digital currency policy should be formed by the end of 2020.
Recall that the development of the digital yuan has been going on for several years. In April, the Central Bank of China began testing the state digital currency payment system in Shenzhen, Xiongan, Suzhou and Chengdu.
In addition, several Chinese banks are conducting full-scale testing of the national cryptocurrency app and wallet.