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July 2, 2020
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People’s Bank of China: yes, we run tests of the digital yuan – Blocksats

The People’s Bank of China has admitted to conducting tests on the digital yuan. Let us remind you that a few days ago, among others people associated with Binance have published screenshots of the project’s mobile application in social media. This caused a lot of interest in the market.

People’s Bank of China a yuan

The People’s Bank of China has answered many questions in its own official announcement.

So what do we know? First of all, the yuan in a digitized version will also work without a network. So if there is no coverage in some place, the transaction will come to pass. It will be enough to bring two smartphones closer together with the project’s mobile application.

It has also been added that tests are ongoing in the cities of Shenzhen, Suzhou and Xiongan.

The current closed test of the digital yuan will not affect the commercial operations of listed institutions, nor will it affect the issuing and currency circulation system, financial market and social economy outside the test environment “

– the bank representative added.

The digital version of the yuan will not be associated with any bank account. It is also supposedly free from control of the traditional banking system.

Authorities say yuan will be better than general BTC in terms of value stability and reliability.

CBDCA enjoy greater trust than kryptowaluty

Add to this information that Crypto.com and The Economist recently conducted a joint survey of over 3,000 customers. What is surprising is that Results have shown that many more people trust central bank digital currencies (CBDC) than independent ones kryptowalutomsuch as BTC.

38% The respondents are of the opinion that they believe that cryptocurrencies are not trustworthy. Another view was 26 percent. Every fourth respondent had mixed feelings, and 11% respondents said that they have no opinion on this topic at all.

In turn, 54 percent respondents said they trusted the digital currency issued by their government or central bank. Only 14 percent they thought differently.

Although the People’s Bank of China has not yet provided the exact date of the digital yuan issue, there are many indications that it will appear on the market later this year.

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