Digital yuan: PBoC announces increase in test sites

Digital yuan

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  • PBoC increases digital yuan testing locations
  • The locations for the testing have been increased to 23
  • PBoC plans to tackle other technical aspects of the CBDC

The digital yuan has been a topic that has grown increasingly interesting over the years. Since its research, the Peoples Bank of China has devoted much devotion and work to ensure that a launch happens soon. Although testing is still ongoing, the PBoC is doing all it can to ensure it takes advantage of this period on a full scale. With that, the PBoC, alongside other bodies involved in the testing, has announced that there would be an increase in the testing locations for the CBDC.

Digital yuan testing locations increased to 23

According to several media houses across the country, the new update places the total projected location for the testing around 23 from a small figure of 11. The report also claims that the new update will ensure that there will be a location in 15 provinces and regions across China. Notably, China has more than 30 provinces spread across the country.

The PBoC has taken the forefront and worked intensely on the digital yuan over the last few years. According to several analysts in the country, the successful deployment of the digital yuan this year was said to be a result of the entire adoption that occurred at the recent Olympics earlier this year. They see the CBDC as a tool that could set the country above others in several aspects of economic growth.

PBoC wants to tackle other technical details

According to the latest details tied to the digital yuan, over 260 million transactions have been carried out by residents of the test centers. These transactions have put the figures at a little above $12 billion. The number of merchants has also increased drastically, with the current figure somewhere around 4.5 million merchants. Aside from ensuring that the CBDC testing gets to more locations, there are also moves to ensure that some other technical details of the CBDC are addressed very soon. The digital yuan airdrops were a thing during the lockdown period enforced to curb the coronavirus pandemic.

Although the airdrops were carried out to enable residents to test the tokens, they were also used as a cushion to help people through the pandemic. Users selected for the testing were availed with various merchants across different locations where they could spend the tokens packaged in a red packet. Asides from the everyday goods that residents consume, the digital yuan can also be used to pay for specific fees across different government offices.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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