Smarter Money
China has started testing its government-backed digital legal tender, digital currency and electronic payment (DC/EP), in some regions before it is widely applied to replace paper notes and coins in circulation, the digital currency research institute of the People’s Bank of China (PBC) revealed in an interview with China Central Television on April 17, showing China’s scaled-up efforts to boost the digital economy and cope with the impacts of the novel coronavirus outbreak.
The digital renminbi (RMB) payment system is based on controllable and anonymous operation, and the trials of the central bank digital currency (CBDC) are being conducted in a closed environment in pilot regions including Shenzhen, Suzhou and Chengdu as well as Xiongan New Area in Hebei Province, north China. The application of the digital currency for the Beijing 2022 Winter Olympics is also under testing, the research institute said.
