China Set To Begin Pilot Test Of CBDC With Major Banks And Telecom Firms

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Chinese media platform Caijing magazine has reported that the PBoC plans to begin the test in Shenzhen and Suzhou cities, and with a few major institutions including telecom firms and commercial banks. Huawei is said to be one of the firms that will take part in these initial tests.

Generally, China is making considerable progress with its digital Yuan and will most likely be the first country to officially launch a national cryptocurrency. The Chinese government had been developing the digital Yuan for quite a while but it is said that authorities decided to speed up the creation of the CBDC because of the progress Facebook has made with its Libra.

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