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PBoC Takes Digital Yuan Testing To Hainan Province

Digital currencies have continued to see positives reviews and feedbacks from countries across the world. This is evident because even though some countries are still opposed to digital assets, they are still trying to roll out their digital currencies.

It is also a known fact that most countries have seen blockchain technology in a good light, hence the positive feedback on the design of a digital currency. In the latest news coming out of China, the Chinese government has announced that it is furthering its test on the Chinese CBDC. To actualize this dream, the government and the PBoC have chosen the Hainan Province as the next test location.

China continues to test the digital yuan

It is a known fact that China has exceeded the imagination of the entire world as it has moved in a short time to actualize this feat. Before last year, the country has been carrying out its research as regards creating the digital currency. It was not until last year that the coronavirus pandemic provided them with an avenue to work on it and bring it to the stage that it is now today.

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With the government of the Asian country already touching a few provinces before now, this testing phase is the latest round. In this round of testing of the CBDC, they have pointed out that the residents in the region would be allowed to earn a discount of about 100 yuan if they make purchases with the digital currency.

Encouraging the digital yuan’s adoption, this latest testing phase will be carried out by the Hainan arm of the Industrial and Commercial Bank in the country in conjunction with Peoples Bank of China located in Haikou. To make the adoption possible, the campaigners are hoping to be able to deploy it in hotels as well as other places. They also mentioned that should the consumer purchase something worth 100 yuan; they would be given a cashback of about 99 yuan.

China still undecided on an official launch date

To make a case for the security of the wallet and the digital currency, the Hainan branch of the ICBC will partner with a few others, including some mobile banking firms, to teach people how to secure their wallets. China has continued this pattern of testing the digital currency with the firm testing the currency in other provinces before this one.

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The previous tests have seen citizens in Shenzhen, Xi’an, and Chengdu province benefit from using the digital currency to carry out transactions. This also shows that the government is not relenting and would continue to carry out the test in other provinces after being done with this one.

In rather chilling news circulated last month, the Peoples Bank of China has told citizens in Beijing and Shanghai to start applications to get their respective digital currency wallets. China is still clearly in the lead in terms of digital currencies, but despite that, the country has not yet picked a date for an official launch.

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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