– China takes a step ahead in introducing its application for national digital currency amidst the COVID-19 pandemic outbreak.
– The digital Yuan to be tested in the four cities of China.
China moves ahead in introducing its digital currency, Yuan. Ling Zhang, the executive director of M&A, Global Fiat at cryptocurrency exchange has shared its images on social networking sites on April 14th.
Four cities in China that include Shenzhen, Chengdu, Suzhou and Xiongan have been selected for the initial testing of the digital currency. Ling Zhang has informed that the application will be available for download in these cities and local branches of the Agricultural Bank of China. The application displays several features that are related to the new digital currency that includes digital currency exchange, wallet management, transaction tracking and other wallets. She has further highlighted that these cities have been mainly selected as these are located on the outskirts of Beijing which is often called as the “smart city brain project”
Reportedly, the Xiongan New Area will be developed with intelligent infrastructure which will be having satellite information services, 5G network, sensor recognition and other big data facilities. Tencent, Alibaba, JD.com, and Baidu have joined China’s forces and have been visiting events and occasions along with President Xi Jinping.
Recently, as reported the People’s Bank of China did file patent applications for more than 80 patents to introduce its new digital currency. Not only China, South Korea, Canada also initiated the development of its digital currencies. With the current happenings due to COVID-19, China has been accelerating the development of its digital currency. The Bank of China recently completed the development of its basic functions and has drafted laws for its implementation.