China begins mass testing of digital yuan in the banking system

The Chinese authorities introduced the state cryptocurrency – the digital yuan. For the time being, beta testing is being done by clients from the White List of the Agricultural Bank of China in four pilot districts – Shenzhen, Xiongang, Chengdu, and Suzhou. This was announced from the bank’s customer posts on Twitter.

The first phase of testing the DC / EP system began at the end of last year in several cities in China. Now, in addition to the bank, China Telecom, China Mobile, China Unicom are taking part in testing.

To use DC/EP, users need to install a special application that will allow you to conduct transactions with companies involved in cryptocurrency testing. In addition, users can send this money to each other.

In the future, the digital yuan may push dollars out of the electronic payment market, developers say. In addition, sales of all types of cryptocurrencies are now banned in China – in the future, DC/EP may become the only tool that will allow you to buy tokens in the country.

Author: Flyn Braun
Graduated from Cambridge University. Previously, he worked in various diferent news media. Currently, it is a columnist of the us news section in the Free News editors.
Function: Editor