China’s central bank digital currency (CBDC), Digital Yuan, is currency going through a pilot test in various parts of the country. Yi Gang, Governor of the People’s Bank of China (PBOC) revealed, Digital Yuan pilots have already processed over four million transactions, which are worth around $300 million. The PBOC Governor had revealed these details at the Hong Kong Week conference, which took place on November 02, 2020. PBOC Governor Reveals Pilots Testing Is Extended in Four Cities The PBOC Governor has mentioned that pilots for Digital Yuan are going really well and people are giving impressive responses. This is the reason why the testing period is now extended in four cities. He mentioned that due to coronavirus, people have moved to the digital payments method and such huge demand has created several challenges for the central bank. PBOC is currently trying to deal with the security issues and convenience that people are looking for in digital currency. According to PBOC Governor, when it comes to building a customer base, fintech companies prove to a better option. This indicates that he prefers fintech companies over commercial banks. He also believes that fintech companies are also better at managing the risk as compared to the banks. Tech Companies are Prepping-Up for Digital Yuan Launch The first pilots for Digital Yuan were launched by PBOC in April 2020 and initially, it was restricted to only four major cities. However, now the pilot testing is extended to nine cities. It is also noted that some major tech companies are also preparing for the Digital Yuan launch. Recently, Huawei had announced the launch of its latest smartphone Mate40, and the phone is having a hardware wallet for Digital Yuan. This is an indication that the companies have already started throwing competition even before the launch of China’s CBDC.
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