• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
china central bank crypto
Nexo

PBoC to Test Crypto Yuan with Telecom Firms, Commercial Banks

Christine Vasileva by Christine Vasileva
3 years ago
in News, FinTech, News teaser
0
Advertisement

People’s Bank of China is entering another stage of its tests for a crypto payment system. The central bank announced it had completed the preliminary tests and has turned to create a testing ground with the aid of major Chinese companies and banks.


PBOC Performs Pilot Tests for its Crypto

People’s Bank of China has tested its crypto-asset payment system since 2014 but has abstained from an official launch. Now, a news report suggests the central bank may launch a pilot test of the digital currency in the cities of Shenzhen and Suzhou, onboarding local large-scale commercial banks and local telecom giants like Huawei.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The current test will be a small-scale operation running until the end of the year, reported the Caijing magazine. Afterward, 2020 will see further testing, to establish the best model for a yuan-pegged digital coin.

The tests will be performed in a “horse race” model, with each commercial bank proposing a different payment model. The best ones may be used to launch the crypto yuan, explained a person close to the tests.

Digital Yuan May Circumvent Global Financial System

The actual situation with the digital yuan did not reach the promised launch “by the end of November”, which turned out to be an exaggerated rumor. Still, China is setting up a precedent that may have repercussions both for the crypto space and for the global financial system.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

China’s digital asset may create a new pathway of money, potentially circumventing US-based sanctions, and going beyond the control of banks. This may end up financing regimes like North Korea, commented Paul Vigna at the Wall Street Journal.

China’s Digital Asset to Potentially Replace Cash for Private Users

So far, the PBOC is the first central bank to run detailed tests of it’s digital currency using the technology similar to Bitcoin, but also being backed by the State. The European Central Bank, under its new President Christine Lagarde, has admitted the possibility for creating a digital euro, but without advanced technical tests.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

Fan Yifei, deputy governor of the PBOC, stated that the digital payment system is aimed at replacing M0, or actual cash in circulation. The central bank already uses a solely digital ledger for broad money and will keep the legacy system to transfer funds to commercial banks. But everyday money may be replaced by a technologically advanced version.

The usage of mobile-based payments, as well as the prevalence of WeChat and AliPay as fintech solutions also suggest the need for a more secure digital form of money.

The PBOC has no hard deadline for launching the crypto yuan, reminded the bank’s governor, Yi Gang. There will, however, be a series of tests to select the best model for supplying digital cash.

What do you think about China’s drive to introduce a crypto yuan? Share your thoughts in the comments section below!


Image via Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christine Vasileva

Christine Vasileva

Christine Vasileva is a financial news and business writer, tracking the latest developments in fintech and the effect of blockchain and crypto-assets on global business and finance.

Related Posts

Elon Musk

Elon Musk To Twitter: Let’s Do A Public Debate On Bots!

2 days ago
Fintech

Fintech Firm Revolut Unfazed By Bear Market, Hires 20% More Crypto Talent

4 days ago
Barcelona

Barcelona FC And Socios.com Sign $100 Million Deal For Web3 Push

1 week ago
digital payments

 Restrictions On Cash Payments In Israel Prompt Shift To Digital Payments

1 week ago
Ethereum

Ethereum Creator Says Facebook’s Metaverse Attempt Will Fail

1 week ago
Axie

Axie Infinity CEO Denies Claims Of Insider Trading; Game Token’s Value Down To Zero

1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.