China is already testing the national digital currency, but the country’s Ministry of Commerce plans to significantly expand the pilot project and launch it in most major cities.
Testing of the digital yuan will be launched in Beijing and the Northern provinces of Hebei and Tianjin, in the Yangtze Delta region in the South, in the rich cities of the South coast, Guangdong province and the cities of Macau and Hong Kong.
The pilot project will also be launched in some cities of poorer regions of the country-Central and Western. To participate in the program, large cities in these regions will need to meet certain unnamed conditions.
It is not reported when the expanded pilot programs will start, although the final requirements for the digital yuan and the national digital currency policy should be formed by the end of 2020.
Recall that the development of the digital yuan has been underway for several years. In April, the Central Bank of China began testing the payment system of the state digital currency in Shenzhen, Xiongan, Suzhou and Chengdu.
In addition, several Chinese banks are conducting full-scale testing of the application and wallet for the national cryptocurrency.