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Beijing, Shanghai to Join Wider Testing of Digital Yuan in 2021

by CBDC Insider
January 24, 2021
in Asia, Business
Reading Time: 1min read
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Beijing, Shanghai to Join Wider Testing of Digital Yuan in 2021
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China’s biggest cities are planning to hold pilots to promote the use of the country’s central bank digital currency (CBDC) this year.

  • According to a report form Chinese state media outlet Global Times on Sunday, Beijing’s mayor said the capital will hasten development of “demonstration zones” for fintech and professional services over 2021.
  • That effort will include promoting a pilot application for the CBDC, officially called Digital Currency Electronic Payment (DCEP).
  • Shanghai’s mayor made a similar pledge to promote the digital currency, per the report.
  • In Guangdong Province, authorities are to support Shenzhen’s development as an “innovative pilot zone” for the digital yuan, its governor said.
  • All three statements were made on Sunday
  • Shenzhen has just announced its third trial of DCEP, allowing the public to get their hands on the electronic cash via lottery-like giveaways.
  • The report cites “industry observers” as saying the announcements mark a bigger push to promote the digital currency before a launch in the “near future.”

Read more: https://www.nasdaq.com/articles/beijing-shanghai-to-join-wider-testing-of-digital-yuan-in-2021-2021-01-24

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