China continues to quietly test a pilot version of its national digital currency as well as setting up a legal framework for CBDCs with global financial regulators, RT News reports.<\/p>\n
The digital yuan, which is controlled and issued by the China government, is a central bank digital currency (CBDC). The People\u2019s Bank of China officially calls the project \u201cDigital Currency Electronic Payment (DCEP),” though it hasn\u2019t assigned a monetary value right now because the CBDC has not launched to the public yet.<\/p>\n
Looking Forward to Meeting You at iFX EXPO Dubai May 2020 – Making It Happen!<\/strong><\/p>\n Beijing’s central bank has reportedly further engaged an ongoing initiative based in Hong Kong. Called \u2018Project Inthanon-LionRock,\u2019 the project builds on the work between the Bank of Thailand and Hong Kong Monetary Authority to study the application of central bank digital currency for cross-border payments.<\/p>\n This is not the first time that China is testing its proposed cryptocurrency. The Asian giant completed a few trials of the coin and is currently rolling it out on major e-commerce platforms within the country. The digital version of the yuan has been under development for slightly more than five years, but the authorities are still far from a nationwide rollout and have instead\u00a0focused on pilot projects.<\/p>\n JD.com, the country\u2019s second-largest online retailer, has become the first online platform to accept the country\u2019s digital currency. A total of 20 million yuan ( worth nearly $3 million) was up for grabs in a lottery organized by JD.com\u2019s fintech arm.<\/p>\n Those who received the digital yuan were able spend it on JD.com\u2019s online shopping platform as part of a real-world trial for the cryptocurrency.<\/p>\n The move, however, was an acknowledgment of the fact that long-time attempts to stamp out the crypto \u200efrenzy by shutting down service providers at home have failed to \u200ecompletely kill the mania that had been sweeping China.\u200e<\/p>\n China\u2019s raid on the digital asset class, which started in \u200eSeptember 2017, failed to dampen local investors\u2019 enthusiasm, as many have resorted to online payment accounts and P2P venues to get \u200earound the crackdown. \u200e<\/p>\n