Sunday, 12 July 2020

China starts trial of digital currency in four cities

China’s central bank confirmed that some state-owned banks are conducting internal tests of a digital currency in four cities and hypothetical use for the 2022 Winter Olympics in Beijing, reported Caixin.

Screenshots of a purported pilot version of a wallet app for China’s forthcoming digital currency have been circulating on social media. The mobile app, tested internally by state-owned Agricultural Bank of China, displays the new digital currency features, including allowing people to make payments using a QR Code and sending and receiving funds simply by touching another phone.

The People’s Bank of China (PBOC) confirmed that the tests are underway but said that doesn’t mean the digital currency is being officially launched. The central bank didn’t provide a timetable for the official rollout of the currency.

Internal tests of the digital RMB will not affect the commercial operation of banks, nor will it affect the renminbi issuance and circulation system, financial market and social economy outside the test environment, the central bank said.


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