The pilot project of using China’s national digital currency was extended to 17 other provinces
The Central Bank of China once again confirmed its determination to continue the pilot program of using the “Digital Yuan”. This national digital currency is currently being tested in 17 provinces of China.
According to BeinCrypto, the People’s Bank of China continues to expand its central bank digital currency (CBDC) pilot program. The country’s financial association announced that the central bank will focus on creating a system that allows consumers to access financial services simply by scanning a code.
The country’s central bank is working hard to make the digital yuan a widely used means of payment. China now has a good situation in the field of digital payment and the creation of a national digital currency is in line with the previous economic activities of this country.
China’s central bank has steadily expanded the scope of its digital currency pilot over the past 18 months. China is clearly eager to get the digital yuan ready for full market launch. This digital currency has been under review by the central bank of this country for years.
China also hopes to add more capabilities to the digital yuan. Two of the things already implemented are offline payments and smart contract support. These two will significantly revolutionize the applications of digital yuan.
The offline payment feature was launched on January 23. This feature allows users to make their payment without having to connect to the Internet and through NFC technology for confirmation. Smart contract functionality was also included in the Meituan e-commerce app at the beginning of this month. In the first implementation of this feature, the app allows its users to participate in a daily prize pool of $1,312 that is divided among the winners.
Digital Yuan will soon undergo more changes. The Central Bank of China recently announced that it will introduce new wealth management products that will allow payments using digital yuan.
China Galaxy Securities Investment Bank will provide wealth management services and only a few clients will be able to access them. Still, it’s a big step forward and could lead to a wider rollout in the future.
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