It is no longer news that China has been making remarkable progress and success in the testing of its central bank digital currency, the DC/EP. The Central bank-backed digital currencies made headlines at a time when so many countries were battling several blows their economy were dealt on the wake of the coronavirus pandemic.
With that, so many countries have jumped on the bandwagon, with some announcing when they would commence s trial into a CBDC that would suit them while others are planning to launch a mock tested version of their CBDC. In another move to stamp its position in front, China has announced that the testing that was carried out throughout the weekend recorded massive success.
Reports claimed that about 20,000 transactions were carried out in 24 hours
According to a report that was submitted by the officials that did the test over the weekend, they noted that no fewer than 20,000 transactions were carried out using the digital currency. Furthermore, the official noted that the majority of the transactions were done using the platform of the first online service that signed up for the testing, JD.com.
Also, the report mentioned that most of the transactions that were carried out on the platform were made in the first 24 hours, signaling a positive start for the testing. Even though JD.com witnessed a massive amount of influx of users who came to its platform for the CBDC testing, other partner firms like Didi, Meituan, and Bilibili were also involved in the testing that took place yesterday.
The much-anticipated trials began in the city of Suzhou after the government of the region, true to its previous statement shared several digital red packets which were won via a lottery among citizens of the city. Notably, the idea of sharing red digital packets was a concept that was adopted from a famous messaging platform, WeChat.
Analysts see the latest testing as an integral step for the adoption of the digital currency
According to a statement by the MD of the Shanghai-based digital company, Cao Yin, he noted that the People’s Bank of China must have read about their red packets hence, taking the initiative from them. Cao Yin also said that the bank is looking to rely on the power of social media in the success of the CBDC and has gone ahead to recruit talented individuals from the private and public sector of the economy.
“Something that I am very sure about is that the People’s Bank of China is currently hiring several individuals who have over the years shown a knack for digital currency and also expertise in the mainstream media. This means that they are planning to use a market-oriented means to launch the digital currency,” Cao Yin said.
The statewide test of the digital currency seems to have occurred without any hitch as residents of the Suzhou region were enjoined to spend their digital currencies in the latest “Double Twelve” event that took place on November 11. Counting JD.com, the report also said that about 10,000 brick and mortar shops around the region also participated in the testing. Analysts have now labelled the statewide testing across Suzhou as the most crucial move in the awareness and adoption of the digital currency.
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