Beijing, Shanghai to Join Wider Testing of Digital Yuan in 2021

The wider effort to promote the digital currency precedes a launch in the "near future," per a state media report.

AccessTimeIconJan 24, 2021 at 9:31 a.m. UTC
Updated Sep 14, 2021 at 11:00 a.m. UTC

China's biggest cities are planning to hold pilots to promote the use of the country's central bank digital currency (CBDC) this year.

  • According to a report from Chinese state media outlet Global Times on Sunday, Beijing's mayor said the nation's capital will hasten development of "demonstration zones" for fintech and professional services over 2021.
  • That effort will include promoting a pilot application for the CBDC, officially called Digital Currency Electronic Payment (DCEP).
  • Shanghai's mayor made a similar pledge to promote the digital currency, per the report.
  • In Guangdong Province, authorities are to support Shenzhen's development as an "innovative pilot zone" for the digital yuan, its governor said. 
  • All three statements were made on Sunday
  • Shenzhen has just announced its third trial of DCEP, allowing the public to get its hands on the electronic cash via lottery-like giveaways.
  • The report cites "industry observers" as saying the announcements mark a bigger push to promote the digital currency before a launch in the "near future."

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