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Monday, April 20, 2020
China Rolls Out Pilot Test of Digital Currency - Are we headed toward a Cashless Society?
China’s central bank has introduced a homegrown digital currency across four cities as part of a pilot program, marking a milestone on the path toward the first electronic payment system by a major central bank.
Internal tests of the digital currency are being conducted in four large cities around China—Shenzhen, Suzhou, Chengdu and Xiong’an, a satellite city of Beijing—to improve the currency’s functionality, the digital currency research institute under the People’s Bank of China confirmed Monday, in response to a request for comment.
Chinese domestic and state-run media outlets reported on the trials over the weekend. The trials followed years of research by the central bank dating back to 2014.
The new currency, which doesn’t have an official name but is known by its internal shorthand “DC/EP,” or “digital currency/electronic payment,” will share some features with cryptocurrencies including bitcoin and Facebook Inc.’s Libra, PBOC officials have said. While it won’t boast the anonymity that bitcoin and other cryptocurrencies tout, China’s central bankers have vowed to protect users’ privacy. (Read More)