The current testing of China’s central bank digital currency (CBDC) or DCEP is still small scale, and it will be a while before it’s expanded. That’s according to Li Lihui, who was interviewed by state media outlet China Daily. Lihui is the former president of state-owned Bank of China and leads the blockchain research group at the China Internet Finance Association.
Lihui expects the digital yuan’s current tests to be expanded later this year or early next year, but said: “whether it can be promoted to the whole country quickly remains to be seen”.
As previously announced by the People’s Bank of China, the initial areas for trials are Shenzhen, Suzhou, Xiongan New Area, Chengdu, and the Winter Olympics locations. Although the Ministry of Commerce recently outlined additional regional tests, these are subject to the go-ahead of the central bank.
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