Reports have emerged that China is planning to test its digital Yuan in four cities. Screenshots of an alleged pilot version of a wallet app for the central bank digital currency (CBDC) are circulating on social media.
The executive director of M&A, Global Fiat, Ling Zhang, who works at Binance crypto exchange first shared these images on April 14. Later, his tweet was retweeted by the exchange’s CEO, Changpeng Zhao.
Four Cities Chosen for the Trial
The app is available for download in four cities that are selected for this trial according to Ling Zhang. These cities include Suzhou, Shenzhen, Xiongan, and Chengdu. She insisted on the inclusion of Xiongan which is a new metropolis located on the outskirts of Beijing. This city has been the site of a so-called ‘smart city brain project.’
The Xiongan New Area is scheduled to have intelligent infrastructure that spans satellite information services, a 5G network, sensor recognition, big data, and supercomputing facilities. Reports show that the city has attracted the country’s tech giants JD.com, Alibaba, Baidu, and Tencent. President Xi Jinping has visited the place on multiple occasions.
Commenting on the screenshots that emerged, Changpeng Zhao remarked on China’s ‘execution speed’ in rolling out its trial for the central bank digital currency.
Ahead of the Rest
Recent reports indicate that China seems to have been accelerating the development activities of the digital yuan; notwithstanding the coronavirus health crisis. The Bank of China was purported on March 24 to have finished the development of the CBDC’s basic functions; and to have already moved on to the drafting laws for its implementation.