China is moving very fast on its digital currency (CBDC)

in #gems4 years ago

China's central bank is reportedly set to expand the reach of its Digital Yuan Pilot Project (CBDC), its central bank currency.

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According to a Wall Street Journal article, the country's commerce ministry said the pilot project (so far active in five cities since May) will soon cover "most of China's more prosperous regions," as well as a number of less wealthy areas.

This pilot project, which involves the People's Central Bank of China (PBoC) and four large state-owned commercial banks, will therefore be extended to the whole of Beijing, to the satellite provinces of Tianjin and Hebei, to the Yangtze Delta, to the south coast and what is called the Pearl River Delta: the Guangdong-Hong Kong-Macao Great Bay area.

The ministry said, according to the WSJ, that "cities in the poorest central and western regions of the country that meet certain requirements will also be able to test this digital currency."

The ministry also said that the pilot project was still managed by the PBoC but did not say when the digital yuan would be launched. He said, however, that "the modalities for its design" were on track to be completed "by the end of 2020".

The Commerce Ministry added that Beijing's digital yuan push was part of a larger plan to "move China into higher value-added industries and modernize the country's economy."

Mainstream media in China - along with a number of foreign observers - say some of the country's biggest tech companies, including Alibaba and Tencent, are working behind the scenes on CBDC-related pilot projects and designs, alongside of the PBoC.

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