- The People’s Bank of China will be testing a mobile app for storing and exchanging digital yuan.
- The bank has emphasized that this is just a test and not the official launch.
- The app will be tested in Shenzhen, Suzhou, Xiong’An and Chengdu cities of China.
The People’s Bank of China (PBoC) has confirmed that it will be testing a mobile application for storing and exchanging the digital yuan. According to a recent statement by the bank, it aims to roll out internal tests for the national digital currency (DECP) in four cities. These include Shenzhen, Suzhou, Xiong’An and Chengdu. The same four cities were named on a registration page for testing the app as well.
The bank highlighted that this was just a test. An unnamed official from the China Digital Currency Institute said in the statement:
The rumored information about the DECP on the internet is part of the test in our research and development process and it does not mean the digital yuan has been launched officially.
The official explained that the pilot projects in the aforementioned cities are internal closed-circuit tests. These tests will not affect the commercial operations of the firms involved, Chinese financial markets or fiat currency circulation outside the test area. The central bank has not given a clear schedule of the project. However, it said that it is planning another internal test during the Winter Olympic Games hosted in Beijing in 2022.
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