China’s Digital Yuan Will Reportedly Test In Four Cities

The latest cryptocurrencies news show us that according to screenshots of a purported pilot version of a wallet app for China’s forthcoming digital yuan, we can see that the digital currency will apparently start testing in four cities. Ling Zhang, who is the executive director of M&A, Global Fiat (at the crypto exchange Binance) shared images showing that China’s digital yuan is underway. The images were later retweeted by the CEO of Binance, Changpeng Zhao (CZ).

China's CBDC (Central Bank Digital Currency) in trial already?

Execution speed. https://t.co/0Yxysj3O40

— CZ Binance 🔶🔶🔶 (@cz_binance) April 15, 2020

According to Zhang, the app is available for download in four cities which are selected for the initial trial. These include Shenzhen, Chengdu, Suzhou and Xiongan. She also highlighted the inclusion of Xiongan, which is a new metropolis located on the outskirts of Beijing, known as a site of a so-dubbed “smart city brain project.”

The Xiongan New Area will also have enhanced intelligent infrastructure which spans satellite information services, sensor recognition, a 5G network, supercomputing and big data facilities. China’s digital yuan will therefore be in a good environment as the city has already attracted major tech giants such as Tencent, Alibaba, JD.com and Baidu. The president of the country Xi Jinping visited it on more than one occasion.

CZ also commented on the screenshots. The Binance CEO remarked on the apparent “execution speed” of China’s digital yuan rollout – and said that this is a good trial for the central bank digital currency (CBDC).

As we reported before in our regulation news, China appears to have been accelerating the development of the digital yuan – even with the coronavirus (COVID-19) being present in the country. With all of the crisis that COVID-19 has created, China managed to cover everything well and be ready for the start of a new era with this currency.

On March 24, reports showed that the Bank of China was alleged to have completed the development of the currency and its basic functions – and to have already moved on to drafting laws for its implementation.

All of this shows that China’s digital yuan may stir the Asian economy in a good way, providing plenty of opportunities for people interested in the cryptocurrency sphere. For more information about the latest news from China and the digital yuan CBDC, keep following our website!