In 2020, the Ministry of Commerce announced on August 14th that Shenzhen, Chengdu, Suzhou, Xiongan New District and other places and relevant departments of the future Winter Olympics will assist in the promotion of the digital RMB pilot program, and the application of “central bank digital currency” has entered a substantive stage.
On September 21, the State Council issued a notice on the overall plan for the Beijing, Hunan, and Anhui Pilot Free Trade Zones and the expansion plan of the Zhejiang Pilot Free Trade Zone, and the Beijing Free Trade Zone became a digital economy pilot zone.
According to Zhou Xiaochuan, in 2014, the central bank began to study legal digital currencies. At the end of 2017, with the approval of the State Council, the People’s Bank of China organized some commercial banks and related institutions to jointly develop the digital RMB system.
