Type to search

blockchain industry cryptocurrency news China digital currency News world news

Digital Yuan Will be Tested in Beijing

Share
Digital Yuan

Beijing launched a pilot project to test the Digital Yuan

Financial Industry Development Policy in Beijing

Residents of Beijing will participate in a major digital yuan test being developed by the People’s Bank of China.

Digital Yuan

The Beijing Financial Supervision Authority and the Tongzhou District Administration attended the conference to discuss the development policy of the financial industry in the capital. One of 102 initiatives to remove restrictions and develop innovation concerns the digital yuan, writes 8btc, citing local media.

Also at the last conference, it was announced that the NBK Digital Currency Research Institute plans to create “testing zones for the digital currency recognized by law.” No further details are provided.

The initiative has already been discussed by the Beijing Financial Supervision Authority and the Tongzhou District Administration under the so-called “Two Areas” policy.

The list of measures aimed at developing the Chinese capital as a major financial center included payment clearing, credit ratings, asset transactions, and data management.

The authorities note that blockchain will play a significant role in these initiatives. Since the beginning of testing, the digital yuan-based payment system has processed 3.13 million transactions worth 1.1 billion yuan (~ $ 162 million).

Past Digital Yuan tests

Digital Yuan

The city-wide digital currency pilot will be similar to the one that took place in Shenzhen in October. Then the authorities distributed the digital yuan among the population. Almost 2 million people have applied. 50 thousand Chinese residents won digital yuan in the lottery and had to spend it in a week. As a result, users made 62.79 thousand transactions for $ 1.3 million.

Earlier, PBC Chairman Yi Gang said that the country is not ready for an immediate release of the digital yuan, as the authorities have yet to develop a legal framework for it. A particular challenge in the development of a digital currency is ensuring the security of user data.

Read more crypto news on https://news.bitxmi.com/ 

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.

Leave a Comment

Your email address will not be published.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

WP2Social Auto Publish Powered By : XYZScripts.com
bitcoin
Bitcoin (BTC) $ 19,104.43 0.87%
ethereum
Ethereum (ETH) $ 592.63 1.04%
ripple
XRP (XRP) $ 0.583203 1.48%
tether
Tether (USDT) $ 1.00 0.07%
litecoin
Litecoin (LTC) $ 82.84 0.19%
bitcoin-cash
Bitcoin Cash (BCH) $ 284.73 1.45%
chainlink
Chainlink (LINK) $ 13.21 0.43%
cardano
Cardano (ADA) $ 0.159158 3.16%
polkadot
Polkadot (DOT) $ 5.10 1.24%
binancecoin
Binance Coin (BNB) $ 29.50 0.08%
stellar
Stellar (XLM) $ 0.172992 1.11%
bitcoin-cash-sv
Bitcoin SV (BSV) $ 178.76 5.97%
usd-coin
USD Coin (USDC) $ 1.00 0.11%
eos
EOS (EOS) $ 2.93 2.04%
monero
Monero (XMR) $ 131.77 0.78%
nem
NEM (XEM) $ 0.258533 2.21%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 19,096.77 0.70%
tron
TRON (TRX) $ 0.030314 0.08%
tezos
Tezos (XTZ) $ 2.31 0.46%
cdai
cDAI (CDAI) $ 0.020916 0.04%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.063388 1.01%
okb
OKB (OKB) $ 5.12 0.36%
filecoin
Filecoin (FIL) $ 30.11 1.36%
leo-token
LEO Token (LEO) $ 1.36 0.06%
neo
NEO (NEO) $ 17.92 0.74%
cosmos
Cosmos (ATOM) $ 5.29 0.16%
vechain
VeChain (VET) $ 0.017340 6.53%
aave
Aave (AAVE) $ 90.56 6.65%
dai
Dai (DAI) $ 1.00 0.28%
dash
Dash (DASH) $ 102.64 0.15%
iota
IOTA (MIOTA) $ 0.337347 2.90%
huobi-token
Huobi Token (HT) $ 3.91 0.29%
celsius-degree-token
Celsius Network (CEL) $ 2.32 1.56%
yearn-finance
yearn.finance (YFI) $ 28,356.00 1.84%
uniswap
Uniswap (UNI) $ 3.60 1.03%
zcash
Zcash (ZEC) $ 71.86 0.27%
waves
Waves (WAVES) $ 7.61 1.30%
theta-token
Theta Network (THETA) $ 0.729027 7.89%
havven
Synthetix Network Token (SNX) $ 5.28 2.87%
ethereum-classic
Ethereum Classic (ETC) $ 6.15 1.47%
binance-usd
Binance USD (BUSD) $ 1.00 0.12%
compound-ether
cETH (CETH) $ 11.86 0.98%
compound-governance-token
Compound (COMP) $ 139.82 1.27%
omisego
OMG Network (OMG) $ 3.66 2.57%
kusama
Kusama (KSM) $ 55.07 6.03%
compound-usd-coin
cUSDC (CUSDC) $ 0.021306 0.01%
maker
Maker (MKR) $ 528.66 2.11%
ontology
Ontology (ONT) $ 0.554333 1.79%
uma
UMA (UMA) $ 7.85 1.11%
dogecoin
Dogecoin (DOGE) $ 0.003379 0.07%