The largest Chinese cities plan to back testing of the country’s sovereign digital currency (DCEP), according to Global Times.
Beijing Mayor Chen Jining said that the capital will accelerate the construction of innovative demonstration zones for financial technology in 2021 and will promote the pilot deployment of the DCEP.
Shanghai Mayor Gong Zheng, in a speech accompanying the municipal government work report, noted that the administration would continue the policy of financial openness and support the advancement of the digital yuan.
Guangdong Governor Ma Xingrui pledged that authorities would facilitate turning Shenzhen into an innovative pilot zone for the DCEP.
On January 20, the city launched the third round of digital yuan testing. In October 2020, Shenzhen authorities distributed through a lottery distributed among residents 50,000 “red envelopes” containing 200 digital yuan each. In the course of the second experiment in the first half of January, twice as many such lots were distributed.
In the third phase of the city’s tests, residents of the Lunhua district are participating in the digital currency trials, among whom 100,000 “red envelopes” totaling 20 million yuan were distributed.
Earlier, similar mass testing of the DCEP also took place in Suzhou.
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