Digital Yuan Will be Tested in Beijing

Kataryna Habeliia November 11, 2020


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Beijing launched a pilot project to test the Digital Yuan

Financial Industry Development Policy in Beijing

Residents of Beijing will participate in a major digital yuan test being developed by the People’s Bank of China.

The Beijing Financial Supervision Authority and the Tongzhou District Administration attended the conference to discuss the development policy of the financial industry in the capital. One of 102 initiatives to remove restrictions and develop innovation concerns the digital yuan, writes 8btc, citing local media.

Also at the last conference, it was announced that the NBK Digital Currency Research Institute plans to create “testing zones for the digital currency recognized by law.” No further details are provided.

The initiative has already been discussed by the Beijing Financial Supervision Authority and the Tongzhou District Administration under the so-called “Two Areas” policy.

The list of measures aimed at developing the Chinese capital as a major financial center included payment clearing, credit ratings, asset transactions, and data management.

The authorities note that blockchain will play a significant role in these initiatives. Since the beginning of testing, the digital yuan-based payment system has processed 3.13 million transactions worth 1.1 billion yuan (~ $ 162 million).

Past Digital Yuan tests

The city-wide digital currency pilot will be similar to the one that took place in Shenzhen in October. Then the authorities distributed the digital yuan among the population. Almost 2 million people have applied. 50 thousand Chinese residents won digital yuan in the lottery and had to spend it in a week. As a result, users made 62.79 thousand transactions for $ 1.3 million.

Earlier, PBC Chairman Yi Gang said that the country is not ready for an immediate release of the digital yuan, as the authorities have yet to develop a legal framework for it. A particular challenge in the development of a digital currency is ensuring the security of user data.

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