China launches a digital currency. - World Finance Council

China launches a digital currency.

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China’s digital currency projects are gathering pace, including trials taking community across four cities. Wherein, reports arising that big-name western performers such as Starbucks and McDonald’s set to take part in the trial.

China’s official report says internal bound pilots of the digital yuan will move out in Xiong’an, Suzhou, Chengdu, and Shenzhen.

Employees from selected companies entitled to open digital wallets. They can operate them within the Xiongan New Area, a new addition coming up about 100 km from Beijing.

The pilot, the latest stage of a People’s Bank of China method going back to 2014, will examine participants test a mobile app for saving and trading the digital currency to improve its functionality.

The PBoC emphasizes that the currency is still at the test phase. But, in a sign on a possible launch timeline, it indicates the 2022 Winter Olympics, which will hold in Beijing.

Meanwhile, Banks, Ant Financial, Tencent, and a group of merchants – including McDonald’s, Starbucks, and Subway have recently met to discuss the testing claims local news reports.

Last year, Mu Changchun PBoC deputy director said the new digital currency would be related to Facebook’s Libra coin. Also it would be suitable for use on significant payment platforms and e-commerce networks such as AliPay, WeChat, and Tencent.

Defining the thinking behind the plan, Mu Changchun said: “It is to shield our financial autonomy and legal currency status.” This chimes with a new report from analysis and campaign group Positive Money claiming that central banks should issue a digital version of cash to prevent the ”privatization of money.

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