The People’s Bank of China has collaborated with four major state-owned commercial banks, the three major telecom operators, Huawei to test its digital Yuan. The PBOC will test this digital currency in two cities in the initial phase. The cities being Shenzhen and Suzhou.
As per the report, PBOC is inviting partners to strategize the implementation of the digital currency electronic payment (DCEP). Through the pilot program, industries such as transportation, education, commerce, and medical care are targets of the Digital Yuan. The exact date this digital currency made public is yet to be revealed. China is said to have accelerated its digital currency program, prompted by Facebook’s Libra project.