The residents of Beijing will take part in a major test of the digital yuan being developed by the People’s Bank of China. The report, says 8btc, citing local media.
The citywide pilot project to test the digital currency will be similar to the Shenzhen programme that took place in October.
The Institute of Digital Currency Research under the People’s Bank of China will establish dedicated “testing zones” in the city.
No further details are provided in the publication.
The initiative has already been discussed by the Beijing Financial Supervisory Administration and the Tongzhou District Administration as part of the so-called “Two-Zone” policy.
The package of measures aimed at developing the Chinese capital as a major financial centre includes payment clearing, credit ratings, asset transactions, and data management. The authorities note that blockchain will play a significant role in these initiatives.
In October, Shenzhen authorities first distributed the digital yuan among residents. Applications for one of the 50,000 “red envelopes” were submitted by nearly 2 million people.
Since the start of the testing, the payment system based on the digital yuan processed 3.13 million transactions totaling 1.1 billion yuan (~$162 million).
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