China is making efforts to issue its own digital currency, or DCEP, as early as 2021. According to the information, he is actively testing the digital yuan in different provinces and will soon be testing it in major cities like Beijing and Shanghai. These cities plan to pilot and promote DCEP.
China is focusing on improving its technology infrastructure. Beijing Mayor Chen Jiningong said the capital will accelerate the creation of “innovation showcase zones” for the fintech and professional services industries in 2021, while promoting the digital yuan pilot.
Shanghai Mayor Gong Zheng stressed that promoting digital currency is critical. The city will continue to increase financial openness and promote the digital yuan, he said. In addition, the head of Guangdong Province Ma Xingrui stressed that the authorities will support the transformation of Shenzhen into an innovative pilot zone for the use of digital currency.
The statements of the three mayors gave an indication of the readiness of these cities to implement and use the digital yuan.
Shenzhen recently announced the third DCEP Test, which will give citizens the opportunity to participate in a free airdrop. Residents of the city will be able to get around 200 yuan ($ 30) if they are lucky in the lottery. The authorities will issue a digital currency worth about 20 million yuan ($ 3 million).
In addition to these developments, the Chinese Blockchain Service Network (BSN) plans to present a beta version of its DCEP by the second half of 2021. BSN is also working on a Universal Digital Payments Network (UDPN), which is expected to go live in the next five years.
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