Central bank in China conducting tests of digital yuan payment system

China

China’s central bank is conducting tests of a digital yuan payment system in four cities across the country, it told news agency Reuters on Tuesday. 

The People’s Bank of China (PBOC) responded to a query from the news agency following reports in local media last week that it was pushing forward with a digital currency application, which had lifted digital-currency related stocks.

The digital currency institute of the PBOC said it was implementing internal closed trials of the central bank’s DC/EP electronic payment system in the four cities and intends to pilot the system at future Winter Olympics venues. The cities are Shenzhen in southern Guangdong province, Suzhou in eastern Jiangsu province, Xiongan new economic zone near Beijing and Chengdu, capital of southwestern Sichuan province.

It said the DC/EP system remains in a period of research and development, and that the pilots do not mean the PBOC has officially issued digital yuan. The tests will not affect yuan issuance, circulation or financial markets outside of the testing environment, it added.

The team at Platform Executive hope you have enjoyed the ‘Central bank in China conducting tests of digital yuan payment system‘ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Ma Rong and Andrew Galbraith. Editing by Jacqueline Wong.

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