China to catapult massive expansion of digital currency trials. Earlier today, the country’s trade ministry said that the digital currency – dubbed DC / EP, for digital currency / electric payment – will be tested in major cities throughout the most developed regions.
These regions include Hebei province, the Yangtze river delta, Guangdong province and the cities of Beijing, Tianjin, Hong Kong and Macau.
The ministry added that some poorer regions in central and western China may also be able to join the trial if they are able to meet specific needs.
It isn’t known when the new trials would begin, but the ministry reportedly said the project design is hoped to be wrapped up by the end of this year.
In regions such as Shenzhen, Suzhou, Chengdu and Xiong’an, DC / EP is already out through its paces, and commercial organizations are also assisting with the initiative.
A number of companies owned by Tencent are said to be working with the People’s Bank of China research wing on digital yuan testing: food retailer Meituan-Dianping, video streaming platform Bilibili and ride-hailing startup Didi Chuxing.
The Ministry of Commerce added that the use of innovative technology, such as digital currency and AI, is aimed at boosting the nation’s economy and promoting “higher value” industries, the WSJ reported.
[image: Hanson Lu]