anadolu yakası escort pendik escort ataşehir escort ataşehir escort bostancı escort kartal escort kurtköy escort
China becomes the first major economy to test drive it’s own cryptocurrency – Bitxmi News

Type to search

News

China becomes the first major economy to test drive it’s own cryptocurrency

Share

The first real-world trial of its central bank digital currency (CBDC) is being conducted by China. The first pilot for the CBDC is scheduled for the city of Shenzhen before the end of 2019, according to local news outlet Caijing on Dec. 9, and may possibly include the city of Suzhou as well.

Four major banks and major companies such as China Telecom will be testing out the CBDC under the People’s Bank of China (PBoC).

“One move will be to select the pilot testing zone, scenario and service range in a rational manner and to continually encourage the implementation and deployment of electronic fiat currency types,” explains Caijing.

The PBoC encourages a “horse race” — that is each bank will manage the digital currency differently, competing with each other to secure the wider adoption of its model in the future. PBoC added that it might consider to include other locations in the test, although no exact details are given.

The launch makes the PBoC the first central bank in the world to release a digital currency, capitalizing on China’s moves to adopt this year’s financial technology. The move also makes China the world’s first major economy to try out their own cryptocurrency.

The currency itself has been under development for several years and was already at an advanced stage when the use of blockchain technology was officially endorsed by Beijing in October.

Join Bitxmi Exchange

Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

Tags:
Olesia Deineka

Olesya is a freelance journalist for Bitxmi. Relatively new in the cryptocurrency space, she is passionate about journalism and fair, unbiased reporting.

  • 1

3 Comments

  1. Pingback: China to become the first major economy to test drive its own cryptocurrency - CryptoTrends
  2. Pingback: China to become the first major economy to test drive its own cryptocurrency – Nakamoto News
  3. Pingback: China to become the first major economy to test drive its own cryptocurrency - Cryptonews

Leave a Comment

Your email address will not be published. Required fields are marked *

WP2Social Auto Publish Powered By : XYZScripts.com
bitcoin
Bitcoin (BTC) $ 46,985.00 5.93%
ethereum
Ethereum (ETH) $ 3,679.18 10.02%
binance-coin
Binance Coin (BNB) $ 564.01 6.48%
cardano
Cardano (ADA) $ 2.17 8.26%
xrp
XRP (XRP) $ 1.48 4.74%
dogecoin
Dogecoin (DOGE) $ 0.506864 10.31%
tether
Tether (USDT) $ 0.995134 0.35%
polkadot
Polkadot (DOT) $ 43.28 8.09%
bitcoin-cash
Bitcoin Cash (BCH) $ 1,177.14 10.23%
litecoin
Litecoin (LTC) $ 299.98 8.23%
uniswap
Uniswap (UNI) $ 36.72 8.71%
chainlink
Chainlink (LINK) $ 41.36 11.18%
usd-coin
USD Coin (USDC) $ 1.00 0.06%
stellar
Stellar (XLM) $ 0.675231 0.51%
ethereum-classic
Ethereum Classic (ETC) $ 95.17 8.85%
solana
Solana (SOL) $ 43.41 1.18%
vechain
VeChain (VET) $ 0.174118 7.15%
matic-network
Polygon (MATIC) $ 1.64 11.78%
eos
EOS (EOS) $ 10.21 9.15%
theta-token
Theta Network (THETA) $ 9.31 7.33%
okb
OKB (OKB) $ 32.26 6.36%
tron
TRON (TRX) $ 0.120895 3.49%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 47,070.00 5.91%
filecoin
Filecoin (FIL) $ 110.47 7.80%
binance-usd
Binance USD (BUSD) $ 0.995142 0.40%
shiba-inu
Shiba Inu (SHIB) $ 0.000016 15.31%
monero
Monero (XMR) $ 383.39 7.16%
aave
Aave (AAVE) $ 517.23 13.30%
neo
NEO (NEO) $ 92.39 8.38%
klay-token
Klaytn (KLAY) $ 2.43 5.14%
cosmos
Cosmos (ATOM) $ 24.66 3.93%
terra-luna
Terra (LUNA) $ 15.15 7.87%
bitcoin-sv
Bitcoin SV (BSV) $ 308.82 8.16%
compound-ether
cETH (CETH) $ 73.66 9.87%
huobi-token
Huobi Token (HT) $ 30.83 10.06%
iota
IOTA (MIOTA) $ 1.83 5.95%
kusama
Kusama (KSM) $ 540.18 7.76%
pancakeswap-token
PancakeSwap (CAKE) $ 28.84 9.33%
tezos
Tezos (XTZ) $ 5.77 11.02%
ftx-token
FTX Token (FTT) $ 53.50 7.70%
dai
Dai (DAI) $ 0.999393 0.10%
safemoon
SafeMoon (SAFEMOON) $ 0.000009 1.87%
avalanche-2
Avalanche (AVAX) $ 34.59 6.93%
thorchain
THORChain (RUNE) $ 17.62 6.03%
cdai
cDAI (CDAI) $ 0.021485 0.03%
algorand
Algorand (ALGO) $ 1.38 6.86%
maker
Maker (MKR) $ 4,616.08 8.22%
compound-usd-coin
cUSDC (CUSDC) $ 0.022065 0.16%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.156634 6.39%
bittorrent-2
BitTorrent (BTT) $ 0.005821 6.45%
anadolu yakası escort pendik escort ataşehir escort ataşehir escort bostancı escort kartal escort kurtköy escort
maltepe escort kurtköy escort
eve gelen escort umraniye escort manavgat escort istanbul escort antalya escort