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- According to reports, China is likely to officially announce the sovereign digital currency to be available to the public of China by the end of this year.
- A report discloses that the digital currency issued by the People’s Bank of China has tracking features.
- In April 2020, the People’s Bank of China (PBC) revealed that it will conduct the pilot tests of digital currency.
According to reports, China is likely to officially announce the availability of the sovereign digital currency Digital Yuan to the public of China by the end of this year.
Conduct of an internal pilot test in the few cities of China
In April 2020, the People’s Bank of China (PBC) revealed that it will conduct the pilot tests of digital currency. Further, the trial will be in Shenzhen, Suzhou, Xiong’an, Chengdu, and the future Winter Olympics Games in Beijing.
Moreover, with promoting digital currency globally, China has proved itself as a technology hub in the world. A report discloses that the digital currency issued by the People’s Bank of China has tracking features. It can efficiently combat illegal criminal happenings like money laundering.
Besides this, the daily transactions will become at ease for the citizens by implementing digital currency. They will not have to suffer by going to a bank and standing in a queue for hours to complete their transactions.
A spokesperson’s statement from the Digital Currency Research Institute of People’s Bank of China says, that the digital RMB research and development work is quietly advanced at press time. However, the conduct of an internal pilot test in the few cities in China to continue improved and perfect working.
PBC prioritizing implementation of the digital yuan
In a recent video conference call, the People’s Bank of China notified that it will prioritize the implementation of the “digital yuan”.
Furthermore, the central bank has been focusing on the issuance of digital currency for the past 6 years. However, its digital currency has great advantages such as suitable transactions, low issuance costs, and difficult replication. Conversely, it can build a balanced relationship with the sovereign currency.
Currently, China is undergoing hasty research and development in the context of digital currency. Though, several issues have to be rectified at the technical level. It is expected that in the future acceptance of the central bank’s digital currency might increase. If it does, it will form a balanced relationship with the sovereign currency.
