China’s Hainan province to test digital yuan

Get real time updates directly on you device, subscribe now.

China will conduct another test of the national digital currency from April 12 to 25. This time, digital yuan testing will take place in Hainan province.

Woody Island (Yongxing) and the town of Sansha with a population of about 1,500 people were chosen as the testing center for the Chinese national cryptocurrency. Testing will be provided by the Hainan divisions of the People’s Bank of China (PBOC) and the Industrial and Commercial Bank of China (ICBC).

Residents of the city will be able to pay for their purchases in digital yuan in supermarkets, restaurants and hotels. At the same time, in order to draw attention to testing, buyers will be provided with a discount of 99 yuan for each purchase over 100 yuan.

Previously, large cities participated in pilot projects. For example, Shenzhen, Beijing, Suzhou and Chengdu took part in the first wave of testing, and in January a hardware wallet for the digital yuan was tested in Shanghai. In the coming months, the cities of Qingdao, Dalian and Xi’an should participate in the pilot project.

Recently, the head of the NBK research bureau, Wang Xing, noted that interest in the digital yuan has increased along with the rise in the bitcoin rate.

Telegram channel!

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.