Digital Yuan

China Extends Digital Yuan Trials to Beijing and Neighboring Provinces

China’s Ministry of Commerce today announced it would extend the trials of the nation’s digital currency central bank (CBDC) to include Beijing, as well as provinces Tianjin and Hebei.

According to a Wall Street Journal article dated Aug 14, there is not yet a fixed time when the Chinese CBDC’s expanded pilot program will begin. Still, the nation’s trade ministry announced the completion of the reform process by the end of 2020.

As per this week’s reports, the extended pilot would also include the Greater Bay area of Hong Kong — consisting of nine cities including Guangzhou, Shenzhen, Hong Kong, and Macau.

A representative from the Chinese Ministry of Commerce today said the trials would include many of China’s richest areas. Weak central and western regions that meet unspecified requirements will also enter tests. The pilot directed by The People’s Bank of China.

China’s CBDC is recognized domestically as a digital currency electronic payment (DCEP). And considered to be the first national digital currency in service by many. The People’s Bank of China checked DCEP in mid-April as part of a transportation subsidy program for the government. And business employees in Suzhou — a major town in Jiangsu Province.

It was also announced earlier this month that Chinese state-run banks were developing a large-scale, digital wallet designed for DCEP.