China has announced ongoing plans to initiate digital Yuan testing in Hong Kong and Beijing.
Even though this year didn’t go the way most people planned, China has not wavered in its plans to launch a Central Bank Digital Currency.
The development of the Digital Currency Electronic Payment (DCEP) has been ongoing for a while now with the digital currency being tested across four cities in the country.
In a series of digital Yuan testing with the main intention of improving the currency, Hong Kong and Beijing are the lastest locations that would test the new digital currency. Even with the current state of things in Hong Kong, the government is hoping the testing will result in success.
China aims to launch digital currency testing in more developed areas
Like previously stated, the digital Yuan testing has been ongoing for a while now, but this new move will see the digital currency launched in a more developed area than the previous locations.
The locations of the testing were communicated in a statement issued by China’s Ministry of Commerce, but the exact timeline wasn’t given.
Presently, the trial will see China cross over to the Northern province where Beijing and other coastal cities are located. Coming hand in hand with this testing across the Northern province is testing amongst the city clusters in the Yangzte region.
Ministry says Digital Yuan testing could extend to the western region
In the statement released, the Ministry announced that the digital Yuan testing could still be carried out in the western region provided they satisfy some particular conditions.
Presently, the Ministry has not stated the conditions that the western regions must fulfil. As it stands now, the testing is set to kick off in some specific areas, including Chengdu.
According to reports, this testing phase is just a small part of the initiative that Beijing plans to launch on Friday as they want their service sector to use this medium to encourage innovation.