China Announces Internal Testing For Cryptocurrency

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The Vice President of the Central Bank of China announced that they are at the internal test level for the country’s national crypto money project digital yuan. It is stated that these tests will test the reliability and maturity levels of digital central bank money.

China, which has been seriously working on the national crypto money project for a while, has started to tighten the steps towards the digital yuan. Fan Yifei, Vice President of the Bank of China, announced on Thursday that the digital currency has passed some internal tests.

The vice president of the central bank explained that the digital yuan initiative is a movement to digitize banknotes and coins in circulation with the help of new technologies. Yifei gave a message of encouragement to the active use of tools that will facilitate the use of electronic certificates and signatures for the development of digital payment services.

The External Testing Stage Has Not Reached Yet

For now, the Bank of China is limiting digital currency trials to small regions. It was announced last May that internal tests will be conducted in some areas of the south of the country, including Xiongan New Area, Guangdong Province. The use of the digital yuan in the 2022 Winter Olympics, which is expected to take place in China, is also within the plans.

Chen Bo, director of the digital finance research center of the Central University of Finance and Economics, told the Global Times that the internal test; He underlined that it should be carried out in a multi-stage, detailed and meticulous manner. Chen suggested that external testing can be passed when the use of the digital yuan reaches a certain volume. Chen Bo also stressed that it is unclear in what direction the central bank will make decisions for the next test phase.


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