China’s Digital Yuan Tests Allegedly Limited To Small Retail Transactions

China’s digital yuan tests allegedly limited to small retail transactions. The People’s Bank of China (PBoC) has announced that their central bank’s digital currency test run is only limited to small retail transactions.

Wang Peng, an assistant professor of the Gaoling School of Artificial Intelligence at Renmin University said “At its current stage, the test’s primary goal is to ensure the digital currency’s operation runs smoothly and safe, and to determine how DCEP is distributed from the central bank to financial institutions. Only when trials in retailing are successful will they be carried out in large transaction scenarios,”

Addressing a rumour that the digital yuan could not be converted into banknotes, a PBoC employee stated that the digital currency is legal tender in China and can be converted into banknotes at a rate of 1:1.

It is also widely reported that China had carried out internal industrial-scale testing of a digital currency wallet developed specifically for its CBDC by state-owned banks.

[image: Yu Kato]

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