BEIJING, August 14 (TMTPOST) — China’s Ministry of Commerce announced Friday that it will launch a national digital currency trial in 28 major cities and regions including the capital Beijing, Shanghai and other cities in Yangtze River Delta, cities in Guangdong-Hong Kong-Macao Greater Bay Area, as well as qualified cities in central and western China like Wuhan and Chongqing.
The ministry stated the People’s Bank of China (PBoC) will enact measures to ensure the trial is carried out in compliance with its policies. Initially, the local government of Shenzhen, Chengdu, Suzhou and Xiong’an New Area, a satellite city of Beijing, will help push forward the trial along with relevant authorities of 2022 Beijing Winter Olympics. Then the trial can be expanded to more areas depending on the development.
This is China’s latest effort for its digital currency test to create an electronic payment system. Earlier this year, the digital currency research institute of PBoC confirmed it had conducted internal tests in Shenzhen, Suzhou, Chengdu and Xiong’an as part of a digital currency pilot program. It is reported that the local food delivery giant Meituan Dianping and Uber’s rival Didi Chuxing joined in the test of China’s digital currency, known as the digital Currency Electronic Payment (DCEP).