{"id":50054,"date":"2019-12-10T07:34:26","date_gmt":"2019-12-10T12:34:26","guid":{"rendered":"https:\/\/olduvai.ca\/?p=50054"},"modified":"2019-12-10T07:34:31","modified_gmt":"2019-12-10T12:34:31","slug":"chinas-central-bank-to-lead-real-world-pilot-of-digital-yuan-report","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=50054","title":{"rendered":"China\u2019s Central Bank to Lead Real-World Pilot of Digital Yuan: Report"},"content":{"rendered":"\n

China\u2019s Central Bank to Lead Real-World Pilot of Digital Yuan: Report<\/a><\/h3>\n\n\n\n
\"China\u2019s<\/figure>\n\n\n\n

China<\/a> is at last planning to conduct the first real-world test of its central bank digital currency (CBDC), fresh reports claim. <\/p>\n\n\n\n

According to local news outlet Caijing<\/a> on Dec. 9, the initial pilot for the CBDC is set for the city of Shenzhen before the end of 2019, and may possibly include the city of Suzhou. <\/p>\n\n\n\n

Banks in a digital currency \u201chorse race\u201d\u00a0<\/strong><\/p>\n\n\n\n

Under the auspices of China\u2019s central bank<\/a>, the People\u2019s Bank of China (PBoC<\/a>), four major banks and major economic participants such as China Telecom will test digital currency payments. <\/p>\n\n\n\n

\u201cOne step will be to rationally select the pilot verification area, scenario and service scope, and steadily promote the introduction and application of digital form of fiat currency,\u201d Caijing explains.The article continues:<\/p>\n\n\n\n

\u201cCompared with the previous pilot, this time the central bank’s legal digital currency pilot will go out of the central bank system and enter real service scenarios such as transportation, education, and medical treatment, reaching C-end users and generating frequent applications.\u201d<\/p><\/blockquote>\n\n\n\n

In Shenzhen, the PBoC is encouraging what it describes as a \u201chorse race\u201d \u2014 each bank will manage the digital currency differently, competing against each other in order to secure its model\u2019s wider adoption in the future.<\/p>\n\n\n\n

It added that other locales could be included in the testing, but the exact details remain unspecified. <\/p>\n\n\n\n

PBoC beats world competition<\/strong><\/p>\n\n\n\n

The debut will nonetheless make the PBoC the world\u2019s first central bank to issue a digital currency, capitalizing on China\u2019s efforts to embrace financial technology this year. <\/p>\n\n\n\n

As Cointelegraph reported<\/a>, the currency itself has been under development for several years, and was already at an advanced stage when Beijing officially endorsed<\/a> the use of blockchain<\/a>technology in October.<\/p>\n\n\n\n

Criticism of the CBDC plans meanwhile continues, with analysis noting interoperability<\/a> as a potential major sticking point in the plans. <\/p>\n\n\n\n

Last week, Cointelegraph launched a dedicated subsidiary publication, Cointelegraph China<\/a>, to cover developments in the Chinese space. <\/p>\n","protected":false},"excerpt":{"rendered":"

China\u2019s Central Bank to Lead Real-World Pilot of Digital Yuan: Report China is at last planning to conduct the first real-world test of its central bank digital currency (CBDC), fresh reports claim.  According to local news outlet Caijing on Dec. 9, the initial pilot for the CBDC is set for the city of Shenzhen before the end of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[28642,28643,130,18870,15611,4955,28641,2914],"class_list":["post-50054","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-cbdc","tag-central-bank-digital-currency","tag-china","tag-coin-telegraph","tag-cryptocurrency","tag-digital-currency","tag-digital-yuan","tag-pboc"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50054"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50054\/revisions"}],"predecessor-version":[{"id":50055,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50054\/revisions\/50055"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}