• China testing digital yuan
    Cryptocurrencies,  Politics

    China testing digital yuan in four cities

    European and Asian countries have been scrambling to catch up in the race for a digital currency, even as the U.S. drags its heels; annoucement suggests no 2022 Winter Olympics roll-out

    The People’s Bank of China (PBoC) said in an April 17 release that its prototype, central bank-issued digital yuan is being put through its paces in Shenzhen, Chengdu, Suzhou, and Xiong’an, which lies about 60 miles from Beijing. It will also be tested at the 2022 Winter Olympics in Beijing.

  • Cryptocurrencies,  Technology

    China completes digital yuan design

    The People’s Bank of China says it has completed the ‘top-level design’ and joint testing of its forthcoming central bank digital currency 

    The next steps in the country’s digital currency/electronic payment, or DC/EP, project—which it has been hammering away at for five years—are to “follow the principles of stability, security and control” and to “select pilot verification areas, scenarios and service scopes,” said Mu Changchun, the head of the PBOC’s digital currency research institute.

  • (via Pixabay.)
    United States

    Finance professionals predict US first to global digital currency

    China’s digital yuan has a big lead, and a central bank representative called the creation of the first global stablecoin ‘a horse race.’

    China has spent five years preparing to launch the digital yuan, which might happen in a matter of months. But bankers and financial industry professionals surveyed at an industry conference in October still believe the United States will be the first to create a global digital currency.