China to conduct CBDC tests in Hainan Province

Monday 12 April 2021 11:32 CET | News

The People’s Bank of China (PBOC) has started to conduct CBDC pilot tests in Hainan Province, following similar tests in other provinces.

Members of the Sansha City government, including their staff, enterprises, and permanent residents, will be the main participants of this trial.

This CBDC trial event will run from April 12 to April 25. It will raise awareness for the digital yuan, promoting safe transactions with broad accessibility. Participants in this trial will get a 15% discount for every 100 yuan spent within the island.

Currently, the digital yuan is in the trial stage within China. It is undergoing pilot trials as a retail CBDC, athough, in the future, the central bank aims to have interoperability with other countries. The PBOC and the Hong Kong Monetary Authority are now testing the digital yuan for cross-border use.

Additionally, PBOC has included the associated banks of digital payment players AliPay and WePay in their trials to increase adoption. Due to this collaboration, users having WeBank and MyBank accounts can now access their funds using the PBOC run CBDC app.

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Keywords: CBDC, digital currency, central bank, Alipay, WePay
Categories: Banking & Fintech
Countries: China
This article is part of category

Banking & Fintech