Beijing To Hold Pilots To Promote Country’s CBDC

Beijing to hold pilots to promote country’s CBDC. According to a report on Sunday from Chinese state media outlet Global Times, Beijing’s mayor said the capital will hasten development of “demonstration zones” for fintech and professional services over 2021.

That effort will include promoting a pilot application for the CBDC, officially called Digital Currency Electronic Payment (DCEP). The report adds that Shanghai’s mayor made a similar pledge to promote the digital currency.

In Guangdong Province, authorities are to support Shenzhen’s development as an “innovative pilot zone” for the digital yuan, its governor said.  All three statements were made on Sunday. Shenzhen has just announced its third trial of DCEP, allowing the public to get their hands on the electronic cash via lottery-like giveaways.

[image: Zhang Kaiyv]

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