China’s CBDC Trial Expands to Hainan Province

2021-4-9 18:31

Hainan Province announces its first-ever CBDC event in an attempt to normalize the digital currency across China. The People’s Bank of China has already conducted pilot tests in other provinces.

The People’s Bank of China (PBOC) has expanded the trials of their CBDC to the Hainan Province. It has announced an event with the hopes of publicizing the use of the new digital currency. Members of the Sansha City government, including their staff, enterprises, and permanent residents, will be the main participants of this trial.

PBOC’s trial expands

This CBDC trial event will run from April 12 to April 25. It will raise awareness for the digital yuan, promoting safe transactions with broad accessibility. Additionally, participants in this trial will get a 15% discount for every 100 yuan spent within the island.

The Digital Currency Electronic Payment (DC/EP) is a legal currency designed to replace the reserve money system. Currently subject to trials, the CBDC is slowly gaining adoption in China. It is treated as an equivalent to coins and banknotes.

The most advanced CBDC project

While the CBDC trials continue throughout China, the cities like Chengdu and Beijing have shown promising success. The second batch of testing has been announced in Shanghai, Changsha, Qingdao, Xi’an, and Dalian. 

Currently, the digital yuan is in the trial stage within China. It is undergoing pilot trials as a retail CBDC. Although, in the future, the central bank aims to have interoperability with other countries. The PBOC and the Hong Kong Monetary Authority are now testing the digital yuan for cross-border use.

Additionally, PBOC has included the associated banks of digital payment giants, AliPay and WePay, in their trials to increase adoption. Due to this collaboration, users having WeBank and MyBank accounts can now access their funds using the PBOC run CBDC app. AliPay and WePay put together capture over 93% of the digital payments market in China.

There are currently 573.6 million users for digital payment platforms in China. This number is set to grow to 618 million in 2025 indicating the huge potential for a CBDC in this market.

The post China’s CBDC Trial Expands to Hainan Province appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Universal Currency (UNIT) на Currencies.ru

$ 0.0001272 (+27.27%)
Объем 24H $327
Изменеия 24h: 0.39 %, 7d: -0.52 %
Cегодня L: $0.0001272 - H: $0.0001272
Капитализация $2.028k Rank 2376
Доступно / Всего 15.949m UNIT / 210m UNIT

province china hainan cbdc trial staff sansha

Источник: beincrypto.com

province china → Результатов: 99


Фото:

Report: Bitcoin Bull Run and Rising Awareness of Digital Currencies Led to a 20% Increase in Crypto Related Lawsuits in China

A report from China says as many as 872 lawsuits relating to cryptocurrencies were filed in the past year, a figure which is approximately 20% more than that of 2019. Using data obtained from the China Judgment Document Network (CJDN), the report shows that the province of Guangdong had the highest number with 106. Completing […]

2021-1-29 21:00


Фото:

$1.1 Billion Crypto Ponzi: Masterminds of Wotoken Head to Prison in China

A Chinese court has confirmed the sentencing of the masterminds behind the 7. 7 billion yuan Chinese Ponzi scheme Wotoken, which had over 715,000 investors. Wotoken Scammers Sentenced to Prison The Intermediate People’s Court of Yancheng city, Jiangsu province, denied an appeal by four convicts involved in the billion-dollar Ponzi scheme Wotoken on Tuesday, several local […] The post $1.

2020-11-1 20:30


Фото:

China to Equip Aerospace Center with Blockchain-Based Governance System

Blockchain firm CyberVein is set to  deploy a blockchain-based governance system at a new aerospace center established in China. A Promising Collaboration CyberVein revealed in a medium post on September 8, 2020 that it had partnered with the regional government of Hainan Province of China for the development of a project called “Wenchang International AerospaceRead MoreRead More.

2020-9-10 01:00


Фото:

China: Authorities Tap Blockchain to Issue Post-Pandemic Consumer Vouchers

Nanjing, the capital of China’s eastern Jiangsu province, which also functioned as the national capital during part of the Ming dynasty, has adopted distributed ledger technology (DLT) for the issuance of “consumption vouchers” to residents, as part of palliative measures aimed at helping the masses to cushion the adverse effects of the COVID-19 pandemic, accordingRead MoreRead More.

2020-6-23 15:07


Фото:

Chinese Province Issues 10-Point Agenda for Blockchain Adoption

Hainan, an island province in China released its blockchain policies to foster the growth and development of the emerging technology in the region. According to Chinese crypto news outlet 8BTC, Hainan issued a ten-point blockchain policy measure aimed at upscaling blockchain development by supporting local developers and ensuring increased adoption of the novel tech.

2020-5-29 21:24


Фото:

СМИ: власти Сычуаня запретили майнинг на территории провинции

Финансовая администрация китайской провинции Сычуань выпустила уведомление подконтрольным ведомствам с требованием об «упорядоченном прекращении майнинговой активности». The Financial Administrative of the #Sichuan providence of #China has issued a notice to its subordinate offices ordering them to “guide mining entities to end their mining activities in an orderly manner”.

2020-5-23 14:12


Announcing Ten Billion Coin’s 3rd Partnership and 3 IEO Listing, Beginning 28th August

August 24th, 2019, Nantong, China – In just this past month, in addition to signing two other multibillion RMB institutions onto the TenBillion Coin Blockchain, those being the Institute of Southeast Guizhou Province Hospital — Tumor Immunotherapy Research Base and XiaYi ShengTai YingRan Technology Industrial Park, TenBillion have now signed their third multi-billion RMB partner, NanTong Wonder Petro-Chemical Engineering Company! In […] The post Announcing Ten Billion Coin’s 3rd Partnership and 3 IEO Listing, Beginning 28th August appeared first on NullTX.

2019-8-25 04:36


Heavy Rains In China Force Bitcoin Miners To Stop Their Operations

Heavy rainfall in China’s Sichuan province has triggered land and mudslides leading to various local hydropower stations and Bitcoin mining farms to suspend their operations. Sichuan’s mountainous areas of Aba prefecture has been receiving heavy rains since Monday and local government now says landslides have now affected 17 counties in the area. There are several […]

2019-8-21 20:14


дальше еще 50 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru