The decision to conduct the trial this weekend is strategic as it coincides with Double 12 (December 12th), a day when retailers offer steep discounts.
China will test tap payments for its CBDC, digital yuan, this Friday, December 11. The new feature allows users to send digital currency without an internet connection. China’s central bank digital currency (CBDC) trials have heated up in recent months as the country seeks to be ready for launch before the 2022 Beijing Winter Olympics. The People’s Bank of China has conducted test trials in some of the major cities including Shenzhen, Shanghai, Chengdu and Xiong’an New Area.
The newest feature of the digital yuan may be its most defining one yet and could make it a household payments method beyond the retail industry. According to a report by Asian newspaper Nikkei, the PBoC will be trialing a tap payments feature on Friday.
China is putting a whupping on the US is the race to digital dominance. The Chinese Govt is focused on being a reserve currency for the rest of the world when we have been looking inward. https://t.co/NWVuaSVYCS
— Mike Novogratz (@novogratz) December 6, 2020