Digital Yuan tested in small retail transactions

People’s Bank of China ((PBoC) has claimed that the Digital Yuan is currently being tested on a small scale.

Last week saw reports flying around that China developed digital Yuan was being tested on a large scale across various key cities in the country. 

In a new twist, the premier bank in the country has released a statement to refute these reports as they claim the tests are merely small transactions. 

Even though the bank denied rumours of a large scale test, it further confirmed that the small scale test was being carried out in strategic regions across the country. The reports claim that the bank was hoping to use the high volume of transactions to test the strength of the CBDC.

PBoC denies rumors of testing Digital Yuan on a large scale

Another set of rumors made the rounds after some traders in Shenzhen which are located in the Guangdong province said they got payments in high volumes of Digital Yuan after selling some properties. 

Furthermore, the news claimed that the province was now in support of the use of the digital currency across the region. However, a news outlet in China, GlobalTimes, have asserted that the People’s Bank of China has rubbished the rumours in a statement. 

In the report that came out today, the news outlet said that the bank of China had stood firmly with their statement of testing the digital Yuan in large scale.

Blockchain Service Network has witnessed activities in recent weeks

In light of refuting the rumors as regards the digital Yuan, another round of reports has claimed that the Blockchain Service Network has been registering a lot of activities lately. 

The network aims to help reduce the cost associated with the development of blockchain-based applications. The overseer of the project has lauded the benefits that it would provide when it is officially commissioned while staying that projects like this would need massive funds and support.