China’s Central Bank Allows Some Commercial Lenders to Start Running Trials of Its Digital Currency

CircleID CircleID: Bank of China, one of the four biggest state-owned commercial banks in China (Ricochet64 / Adobe Stock)

China’s central bank is a step closer to becoming the world’s first major monetary authority to issue its own digital tender. The People’s Bank of China will conduct internal tests for the central bank’s digital currency (CBDC) across four cities (Shenzhen, Suzhou, Xiong’An and Chengdu), according to a statement issued by the bank on Friday. Screenshots of an internal mobile application developed by the Agricultural Bank of China (ABC), initially seen circulating on WeChat, showed ABC has already developed a front-end interface of how users could potentially interact with China’s CBDC — also known as DC/EP, according to one report by CoinDesk. China says the current closed testing of the digital currency will not affect commercial operations, RMB issuance and circulation system, financial market and social economy beyond the testing environment.
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