People's Bank of China to Test CBDC in Two China's Cities
Main page News, Fintech, China, CBDC, Crypto Market, Cryptocurrency
Hot topic
Dec. 9, 2019
418 418

The People's Bank of China (PBOC) is planning to test the digital currency (DC/EP) electronic payment system in Shenzhen and Suzhou, local news outlet Caijing reports.

The PBoC has reportedly agreed to collaborate with seven government-controlled companies: four commercial banks and three telecommunications giants.

China's CBDC Will Be Transferable Without a Bank Account

The pilot program will focus on industries such as transportation, education, commerce, and healthcare. Some financial institutions will start working with mobile operators to develop SIM cards with integrated digital wallets; others will develop wallets on their own. It is assumed that commercial banks will be the first to receive digital currency from the PBoC, in exchange for providing their reserves in CNY.

Users and business representatives will be able to register wallets in these banks and use them to interact with digital currency.

Earlier iHodl reported that China used its Great Firewall, a tool that cuts off the access of the country's citizens to certain services such as Facebook or Google, to ban ethereum block explorer Etherscan.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error