China’s CBDC Get Tested On Small Retail Transactions: Report

China’s CBDC get tested on small retail transactions now despite the rumors that claimed otherwise. At the same time, the country’s blockchain-based Service Network will explore further developments as we are reading more today in our crypto news.

Despite the reports claiming that the Chinese central bank is experimenting with bigger volume transactions for its CBDC, the bank stated that they will be focusing on small retail transactions but confirmed that the trials are still ongoing in numerous regions. Over the past few weeks, multiple reports claimed that the People’s Bank of China tested central bank digital currency with a huge transaction volume to determine how much load it can support. Further rumors emerged that one house transaction in Shenzhen, south China’s Guangdong Province supported the use of the digital currency which came after citizens stated that they received a large volume of crypto from a bank after selling property.

Global Times refuted the rumors by citing the People’s Bank of China and the local news outlet said that China’s CBDC gets tested only on smaller retail transactions. The assistant professor of the Gaoling School of Artificial Intelligence at the Renmin University Wang Peng stated:

 “At its current stage, the test’s primary goal is to ensure the digital currency’s operation runs smoothly and safe, and to determine how the CBDC is distributed from the central bank to financial institutions. Only when trials in retailing are successful will they be carried out in large transaction scenarios.
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Pilot tests of the cryptocurrency proceeded in Suzhou, Chengdu, and Xiongan New Area in the Hebei Province. The Shenzhen subsidiary is active and after posting multiple positions for the blockchain development and research engineers, the local research unit hired new team members. The Chinese Blockchain-based Service Network will facilitate and lower the costs for the blockchain development which was also active lately. Yifan He, from the Red Date Technology, explained that BSN’s merits after the new partnership with Chainlink. He highlighted the benefits but noted that building a network from scratch which could take a lot of time.

In response, the Blockchain Service network will make it cheap for everyone to use as it will be close to zero. He added that the main goal of BSN is to grow as a “huge interoperability environment.” He suggested that the platform will integrate stablecoins such as Tether starting from 2021.