China Rolls Out Digital Yuan In Most Major Cities
China’s Ministry of Commerce has announced the launch of a pilot program for the country’s digital currency token in several major cities today. The digital currency is expected to be eventually rolled out to all major cities in China, but will start with Beijing, Hong Kong, and Macau.
China is already testing out their Digital Yuan token in Xiongan, Shenzhen, Suzhou, and Chengdu. which was announced earlier this year.
China also plans on making the Digital Yuan the payment source for the 2022 Winter Olympics which will be held in Beijing.
This is just the beginning of the digital yuan
China is leading the rest of the world in adoption for Central Bank Digital Currencies (CBDC’s) and this latest announcement further solidifies the country’s commitment twards a fully digital token. According to an official statement from the ministry:
“The rollout of central bank digital currency is conducive to efficiently satisfying people’s demands for legal tender under the digital economy, to improving the convenience, security and anti-counterfeiting level of retail payment, as well as accelerating the development of the country’s digital economy,”
according to reports from numerous sources China’s state run banks have started large scale testing of digital wallet applications. These wallets will require citizens to register with their mobile phone number before withdrawing, sending, receiving, or spending money. It will also effectively force tokenization of bank accounts held by citizens by automatically tokenizing their accounts.