Central Bank Digital CurrenciesChinaNews

Chinese Internet Giants To Help In Suzhou CBDC Testing

The Chinese government has once again taken another remarkable step towards the official launch of its digital currency with another launched already scheduled in Suzhou. Many countries vying to launch their Central bank backed digital currency, especially on the wake of the coronavirus pandemic that has torn the economies of many nations apart.

China has been working on its Central bank digital currency for years before this pandemic, and it looks like things are beginning to fall in place with the several cities already launching the digital assets. The news went around some weeks ago that the People’s bank of China was going to be actively involved in another testing across the whole country.

People’s Bank of China says the involvement of financial institutions will be limited

With another testing scheduled to hold in Suzhou, the government of the Asian nation has confirmed that three entities will lend their hand of support to the testing that will take place in the region. According to the reports, ride-hailing platform, Didi will lead others entities such as Bilibili, a platform that allows people make videos and an app that is used to order food, Meituan to participate in the latest testing that is scheduled to take place in Suzhou.

According to a report that was submitted by a local news outlet, CLS, it noted that the three entities already partnered with the People’s bank of China at the beginning of the year while they were planning to begin the testing of the digital currency. Notably, this recent announcement is coming off the back of the recent announcement by the Suzhou government that it was going to host a lottery where residents in the region will vie to win a share of the 20 million Yuan ($3 million) up for grabs. Also, the report states that this latest testing is by far the largest amount to be offered amongst all other regions that have hosted various lotteries.

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China getting ready to launch digital currency soon

The last time that the digital Yuan were distributed came some months ago as Shenzhen province distributed about $1 million worth of digital Yuan to its citizens. Even though the people’s bank of china has confirmed that they have various financial partners on board to lend their helping hands, their involvements would be streamlined. The bank further confirmed that winners of the lottery would be able to spend the cash prize won on any of the ride-hailing or bike hailing services of Didi and Meituan provided their wallets are registered and activated.

Also, users who want to activate their wallets can do so on Bilibili’s platform. If the trials are anything to go by, it shows that the people’s Bank of China is already making massive moves to officially launch the digital currency on a larger scale across the country. Even though the bank has not released an official date for the launch, the testing is indications that it might launch very soon.

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With the testing already done across various cities in the region, the country wants Hong Kong to launch the digital currency in the special administrative region. Meanwhile, the bank has said that the reason for the test on Hong Kong is to check the effectiveness of the digital currency if it’s used to make cross border transactions.

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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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