This article is from the source 'rtcom' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.rt.com/business/513657-china-digital-yuan-tests/
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| China to expand tests of digital yuan in Beijing, Shanghai and Shenzhen | China to expand tests of digital yuan in Beijing, Shanghai and Shenzhen |
| (7 months later) | |
| China is expanding trials of its sovereign digital currency in the capital Beijing, the nation's most populous city of Shanghai and leading tech hub Shenzhen this year. | China is expanding trials of its sovereign digital currency in the capital Beijing, the nation's most populous city of Shanghai and leading tech hub Shenzhen this year. |
| The announcements were made over the weekend by the governors of the cities, Chinese media reported. Beijing Mayor Chen Jining told the local government that the capital wants to build “innovative demonstration zones for fintech and professional services” this year and will promote the pilot program for the digital yuan. A similar pledge was made in a work report by Shanghai Mayor Gong Zheng. | The announcements were made over the weekend by the governors of the cities, Chinese media reported. Beijing Mayor Chen Jining told the local government that the capital wants to build “innovative demonstration zones for fintech and professional services” this year and will promote the pilot program for the digital yuan. A similar pledge was made in a work report by Shanghai Mayor Gong Zheng. |
| Several rounds of trials have already been held in Shenzhen, a city in Guangdong Province, sometimes dubbed China’s Silicon Valley. The city will further develop an “innovative pilot zone for the country's digital currency,” according to the governor of the province, Ma Xingrui. | Several rounds of trials have already been held in Shenzhen, a city in Guangdong Province, sometimes dubbed China’s Silicon Valley. The city will further develop an “innovative pilot zone for the country's digital currency,” according to the governor of the province, Ma Xingrui. |
| However, the authorities did not reveal any particular steps for the development of the national digital currency, officially known as the Digital Currency Electronic Payment (DCEP). | However, the authorities did not reveal any particular steps for the development of the national digital currency, officially known as the Digital Currency Electronic Payment (DCEP). |
| “The pace [of developing and testing the DCEP] is relatively fast,” Beijing-based analyst Wang Pengbo said, as cited by South China Morning Post. “It’s quite possible for China to become the world’s first nation with a digital sovereign currency.” | “The pace [of developing and testing the DCEP] is relatively fast,” Beijing-based analyst Wang Pengbo said, as cited by South China Morning Post. “It’s quite possible for China to become the world’s first nation with a digital sovereign currency.” |
| China has been steadily expanding tests of its sovereign digital currency and it earlier revealed plans to get it ready in time for the 2022 Winter Olympics. Last year, online retail giant JD.com joined the program after the authorities gave away 20 million digital yuan ($3 million) to Suzhou residents in one of its biggest “red envelope” lotteries. | China has been steadily expanding tests of its sovereign digital currency and it earlier revealed plans to get it ready in time for the 2022 Winter Olympics. Last year, online retail giant JD.com joined the program after the authorities gave away 20 million digital yuan ($3 million) to Suzhou residents in one of its biggest “red envelope” lotteries. |
| More regions may join the pilot testing of the digital yuan. According to media reports, trials may soon expand to Changsha, Hainan, Qingdao, Dalian, and Xi’an. | More regions may join the pilot testing of the digital yuan. According to media reports, trials may soon expand to Changsha, Hainan, Qingdao, Dalian, and Xi’an. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
| Dear readers and commenters, | |
| We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system. | |
| Sorry for the inconvenience, and looking forward to your future comments, | |
| RT Team. |