As Indian Supreme Court recently upheld RBI’s decision to ban cryptocurrencies, reports have now arrived that China has started testing its government-backed digital currency on a pilot basis. The communist country, thereby, became the first major economy to operate a digital currency.
The trials have reportedly begun in the cities of Shenzhen, Suzhou, Chengdu, as well as in the Xiongan New Area, Hebei province and areas that will host some of the events for the 2022 Beijing Winter Olympics. In last month, China Star Market reported that Suzhou municipal government employees would receive 50% of their May transportation subsidies in PBOC digital currency.
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