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.
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