Digital Yuan Test for Small Transactions
In a report by Global Times on Monday (August 24, 2020), the People’s Bank of China (PBoC) quelled rumors about the testing of its digital yuan. According to the central bank, the digital currency electronic payment (DCEP) is currently trialing retail transactions.
The report stated that some internet users claimed an individual was paid with a large amount of DCEP after conducting a house sale in Shenzhen. However, conversion from the PBoC’s DCEP to the local fiat currency was unsuccessful.