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Home Crypto News Market Beijing And Shanghai Plan Large-Scale Testing Of The Digital Yuan

Beijing And Shanghai Plan Large-Scale Testing Of The Digital Yuan

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China’s largest cities plan to support testing of the digital currency electronic payment (DCEP), the Global Times reports.

Read: China Is Testing A Hardware Wallet For Digital Yuan

Beijing Mayor Chen Jining said that the capital will accelerate the construction of innovative demonstration zones for financial technologies in 2021 and will promote DCEP.

The mayor of Shanghai, Gong Zheng, when delivering a government work report, said that the city will continue the policy of financial openness and support the promotion of the digital Yuan.

Read: China Has Begun Testing Of The Digital Yuan In Atms

The governor of Guangdong Province, Ma Xinjui, promised that the authorities will promote the transformation of Shenzhen into an innovative pilot zone for DCEP.

In October 2020, the Shenzhen authorities distributed 50,000 “red envelopes” with 200 digital Yuan each, to residents through a lottery. During the second testing phase, twice as many similar lots were distributed in January 2021.

Buy and Sell Cryptocurrency at Paybis On January 20, the third round of testing of the digital Yuan started. The third phase of the digital Yaun trials involves residents of the Longhua district, among whom 100,000 “red envelopes” worth a total of 20 million Yuan were distributed.

Recall that a similar mass testing of DCEP also took place in the city of Suzhou. Other than offline payments, digital Yaun was also tested as online payments in online stores.

Among major economies four nations have started testing central bank digital currencies.

Read: China’s State-Backed Blockchain Project Has Unveiled A New Plan For Central Bank Digital Currencies


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Mark Brennan
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.


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