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
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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."

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.