China is scheduling a significant development of testing for the central bank-led digital yuan, rendering to a Wall Street Journal report on Friday.
- The country’s Ministry of Commerce held prior today that the digital currency dubbed DC/EP, for digital currency/electric payment, would be tried in main cities transversely the most advanced regions.
- These comprise Hebei province, the Yangtze river delta, Guangdong area and the cities of Tianjin, Hong Kong, Beijing, & the city of Macau.
- The ministry furthered that few more impoverished regions in China’s center & west may likewise be able to join the trial if they can happen precise necessities.
- When the new trials might flinch was not revealed, but the ministry reportedly held that the project design is hoped to be covered up by the end of this year.
- DC/EP is before now being put through its paces in regions like Shenzhen, Suzhou, Chengdu & Xiong’an, & commercial entities are also helping with the initiative.
- Several firms owned by Tencent are thought to be working with the research wing of the People’s Bank of China on testing the digital yuan: food retailer Meituan-Dianping, video-streaming platform Bilibili & ride-hailing startup Didi Chuxing.
- The commerce ministry added that the use of innovative technology, like digital currency and AI, is intended to boost the nation’s economy, as well as encourage “higher value” industries, the WSJ reported.