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China moving closer to launch of world’s first sovereign digital currency

China moving closer to launch of world’s first sovereign digital currency
Beijing has launched a digital yuan test program, allowing consumers to spend the digital currency at multiple merchants in the city.

On Wednesday, the Bank of Communications unveiled its digital renminbi (RMB) trial event at Beijing Happy Valley. Staff members introduced some information to visitors and then instructed them to download the digital RMB app, open the digital RMB wallet, and make their first digital RMB purchases at the amusement park.

Last month, at the first China International Consumer Products Expo held in Hainan province, many banks launched trial zones to let visitors experience multiple usage scenarios involving the digital RMB.

The Chinese government has already carried out multiple e-yuan giveaways as part of its digital currency tests and plans to expand the pilot program in the future.

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Last year, the People’s Bank of China (PBOC) revealed plans to have its sovereign digital currency ready in time for the 2022 Winter Olympics. It said that the new currency, which doesn’t have an official name but is known by its internal shorthand DCEP – or Digital Currency Electronic Payment – will share some features with cryptocurrencies.

The e-yuan is projected to replace cash in circulation, while China plans to become the first major economy to test a digital currency on the national level.

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