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.
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…