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More Areas are Striving for China’s Digital Yuan Pilot

Although the schedule of the second batch of China’s digital yuan pilot is delayed, more regions in China are striving for the trial.

In some second and third-tier provinces and cities, local governors expect the application of digital yuan in the local area. For example, in Guizhou province, as early as in 2017, relevant leaders of the leading group office of big data development introduced eight key plans of big data development in Guizhou in 2017, one of which is to strive for CBDC application pilot.

China’s CBDC “DC/EP” will be distributed as a transportation allowance to government employees of Suzhou, a city in southeast China in May, according to 8btc’s report. Official documents show the city has required government employees to install digital wallets in April, 50% of their transportation allowance will be paid in the form of digital currency “DC/EP”.

In February, Li Lihui, former president of the Bank of China and the head of the blockchain research group of China Internet & Finance Association said digital yuan issuance should be accelerated under the current situation of epidemic prevention and control.

In April, it is disclosed that the Winter Olympics was also one of the pilot scenes, and Yi Gang, the governor of the people’s Bank of China, confirmed that. This may mean that the first trials will be completed at least after the Winter Olympics, February 20, 2022.

The Winter Olympics scenario is very valuable for the digital yuan pilot. From the information disclosed at present, the focus of the pilot projects in Shenzhen, Suzhou, Xiong’an and Chengdu are different.

The application scene in Suzhou is the traffic allowance for the staff of enterprises and institutions, while Shenzhen pays taxes for the internal staff of the bank. Xiong’an focuses on the field of clearing, and Chengdu focuses will focus on online and offline consumption.

There is another function of digital yuan that needs to be tested – cash payment for inbound tourists. After entering China, foreign tourists can exchange foreign currency into Chinese yuan at the exchange point. Tourists do not need to provide ID cards, bank cards or download Chinese payment tools, which is different from WeChat payment or Alipay.

China’s digital yuan has four types of accounts. The most basic type does not need to provide so much information to meet the cash needs of the temporary entry of foreign tourists. The wallet of digital yuan can also be downloaded temporarily or integrated into the SIM card of telecom operators.

 

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