China’s biggest cities are planning to hold pilots to promote the use of the country’s central bank digital currency (CBDC) this year.
- According to a report form Chinese state media outlet Global Times on Sunday, Beijing’s mayor said the capital will hasten development of “demonstration zones” for fintech and professional services over 2021.
- That effort will include promoting a pilot application for the CBDC, officially called Digital Currency Electronic Payment (DCEP).
- Shanghai’s mayor made a similar pledge to promote the digital currency, per the report.
- In Guangdong Province, authorities are to support Shenzhen’s development as an “innovative pilot zone” for the digital yuan, its governor said.
- All three statements were made on Sunday
- Shenzhen has just announced its third trial of DCEP, allowing the public to get their hands on the electronic cash via lottery-like giveaways.
- The report cites “industry observers” as saying the announcements mark a bigger push to promote the digital currency before a launch in the “near future.”
See also: Chinese City Plans Third Digital Yuan Pilot, Giving Away $3M in Prize Draw
The wider effort to promote the digital currency precedes a launch in the “near future,” per a state media report.