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China Begins Testing National Digital Currency in Four Cities

Recently, there have been screenshots circulating on major Chinese social media platform WeChat, showing an app for the CBDC. The pictures were shared on Twitter by Binance executive director Ling Zhang.

According to a news report, the People’s Bank of China (PBoC) says that the CBDC will contribute in a few ways, to the financial clime in China.

“[It will] strengthen the top-level design, unswervingly advance the research and development of legal digital currency, systematically promote the reform of cash issuance and return systems, and accelerate the promotion of banknote processing business, issuance of bank guards and issuance funds.”

In December 2019, China said the CBDC is ready and testing would begin soon.

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