China closer to piloting the use of CBDC

Monday 25 January 2021 12:08 CET | News

China’s biggest cities have come closer and closer to holding pilots to promote the use of the country’s central bank digital currency (CBDC) in 2021.

Beijing's mayor said the capital will hasten development of ‘demonstration zones’ for fintech and professional services over 2021. That effort will include promoting a pilot application for the CBDC, officially called Digital Currency Electronic Payment (DCEP).

Shanghai's mayor made a similar pledge to promote the digital currency. In Guangdong Province, authorities are to support Shenzhen's development as an ‘innovative pilot zone’ for the digital yuan, its governor said. 

All three statements were made on 24 January 2021. Shenzhen has just announced its third trial of DCEP, allowing the public to get their hands on the electronic cash via lottery-like giveaways.

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Keywords: China, CBDC, cryptocurrency, crypto testing, digital banking, centralised currency, DCEP, innovation
Categories: DeFi & Crypto & Web3
Countries: China
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