People’s Bank of China to launch the second phase of testing the digital yuan

The institution noted an increase in the number of transactions and users following the results of the first phase.

04.04.2022 - 09:40

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What’s new? The People’s Bank of China will expand the geography of testing the state’s national digital currency (e-CNY). In the new phase, a number of major cities will join the testing. There are also plans to conduct a study on the impact of the asset on the country’s financial system.

News on the website of the People’s Bank of China

In which cities will e-CNY be launched? In the second phase of testing, the digital yuan will become available in the cities of Tianjin, Xiamen, and Chongqing, as well as the provinces of Guangdong, Fujian, and Zhejiang. The bank noted that the first phase of testing, which took place at the Winter Olympics, was successful and the scale of transactions and users continues to grow.

In addition to the pilot project to introduce the digital yuan into the settlement system, the PRC will conduct a study on the impact of a new type of assets on financial stability and preventing the use of e-CNY for criminal purposes.

What had happened before? China’s national payment system UnionPay announced the launch of a self-service platform for merchants who want to use digital yuan. With the platform, the retailers will be able to register and receive payments in the national cryptocurrency through third-party operators.

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