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China’s Central Bank to Lead Real-World Pilot of Digital Yuan

China is at last planning to conduct the first real-world test of its central bank digital currency (CBDC), fresh reports claim.


According to local news outlet Caijing on Dec. 9, the initial pilot for the CBDC is set for the city of Shenzhen before the end of 2019, and may possibly include the city of Suzhou.


Under the auspices of China’s central bank, the People’s Bank of China (PBoC), four major banks and major economic participants such as China Telecom will test digital currency payments. In Shenzhen, the PBoC is encouraging what it describes as a “horse race” — each bank will manage the digital currency differently, competing against each other in order to secure its model’s wider adoption in the future.


It added that other locales could be included in the testing, but the exact details remain unspecified.


Source: Cointelegraph