China’s Central Bank Allows Some Commercial Lenders to Start Running Trials of Its Digital Currency

Home / News

China’s Central Bank Allows Some Commercial Lenders to Start Running Trials of Its Digital Currency

By CircleID Reporter
April 20, 2020, 10:30 pm PDT Views: 7,835 Add Comment

Bank of China, one of the four biggest state-owned commercial banks in China (Ricochet64 / Adobe Stock)

China’s central bank is a step closer to becoming the world’s first major monetary authority to issue its own digital tender. The People’s Bank of China will conduct internal tests for the central bank’s digital currency (CBDC) across four cities (Shenzhen, Suzhou, Xiong’An and Chengdu), according to a statement issued by the bank on Friday. Screenshots of an internal mobile application developed by the Agricultural Bank of China (ABC), initially seen circulating on WeChat, showed ABC has already developed a front-end interface of how users could potentially interact with China’s CBDC—also known as DC/EP, according to one report by CoinDesk. China says the current closed testing of the digital currency will not affect commercial operations, RMB issuance and circulation system, financial market and social economy beyond the testing environment.

By CircleID Reporter

CircleID’s internal staff reporting on news tips and developing stories. Do you have information the professional Internet community should be aware of? Contact us.

Visit Page

Filed Under

Blockchain

Comments

The Weekly Wrap

More and more professionals are choosing to publish critical posts on CircleID from all corners of the Internet industry. If you find it hard to keep up daily, consider subscribing to our weekly digest. We will provide you a convenient summary report once a week sent directly to your inbox. It's a quick and easy read.

I make a point of reading CircleID. There is no getting around the utility of knowing what thoughtful people are thinking and saying about our industry.

VINTON CERF
Co-designer of the TCP/IP Protocols & the Architecture of the Internet