Hainan Province announces its first-ever CBDC event in an attempt to normalize the digital currency across China. The People’s Bank of China has already conducted pilot tests in other provinces.
The People’s Bank of China (PBOC) has expanded the trials of their CBDC to the Hainan Province. It has announced an event with the hopes of publicizing the use of the new digital currency. Members of the Sansha City government, including their staff, enterprises, and permanent residents, will be the main participants of this trial.
PBOC’s trial expands
This CBDC trial event will run from April 12 to April 25. It will raise awareness for the digital yuan, promoting safe transactions with broad accessibility. Additionally, participants in this trial will get a 15% discount for every 100 yuan spent within the island.
The Digital Currency Electronic Payment (DC/EP) is a legal currency designed to replace the reserve money system. Currently subject to trials, the CBDC is slowly gaining adoption in China. It is treated as an equivalent to coins and banknotes.