The Capital
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The Capital

Central Bank of China Is Ready to Test Its CBDC

After distributing screenshots of the interface of the application for operations with Chinese token (CBDC) on social networks, the People’s Bank of China announced its intention to test the service in four cities of the country.

Recall, the interface for transactions with the digital renminbi was first introduced by the Agricultural Bank, which is a member of the CBDC launch project.

The application will be tested in four major Chinese cities — Xunyang, Shenzhen, Chengdu and Suzhou. The People’s Bank of China issued a statement at the end of last week.

Earlier, one of the officials of the Central Bank has already stated that the release of the digital renminbi will not provoke a surge in inflation. According to them, enterprises participating in testing the platform for operations with CBDC will be able to quietly carry out their activities, and in parallel will test the application.

For the first time, China announced its intention to issue a national digital currency in the future in 2014. For this, the regulator created a special expert group, which over the past few years has been developing the concept of launching and using a regulated token.

Author: Marko Vidrih

Featured image credit: Pixabay

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Marko Vidrih

Marko Vidrih

Most writers waste tremendous words to say nothing. I’m not one of them.