Earlier this week, numerous Chinese outlets published articles about central bank
digital currency (CBDC) pilots which are set to start imminently. But today the “pilots” are unofficially being reframed as “internal tests”, despite the original report that the four big state-owned banks were to be involved in the tests.
21st Century Business Herald learned about the downgrading of the pilots from a source “close to” the Digital Currency Research Institute, a division of the People’s Bank of China (PBoC).
The currency is referred to as DC/EP, which stands for digital currency / electronic payment because it’s a two-tier currency in which banks buy the digital coins from the central bank. And the banks then distribute the coins to consumers.
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