A top representative of the monetary authority announced the move while highlighting that the People’s Bank has been stepping up digitalization efforts this year.Chinese authorities are going to expand the digital yuan’s area of application in four of the firstin the project to the rest of their respective provinces.
With the upgrade to province-wide testing in these regions, the government in Beijing hopes to “continue to push the innovation of China’s recognized cryptocurrency,” the English-language newspaper Global Times wrote, quoting a report by the Cnstock.com business news portal published on Monday. The plan was announced by Deputy Governor of People’s Bank of China Fan Yifei during an economic forum this week. The high-ranking official emphasized that the monetary policy regulator has been accelerating financial digitalization since the beginning of this year. He noted that the authority has outlined the country’s financial technology development for the period until 2025.
Fan also underscored the importance of securing key technologies in order to enhance China’s financial system and build financial infrastructure that can adapt to the development of the digital economy and support the transformation of the Chinese economy. The PBOC executive pointed out that the digital yuan has been implemented across multiple economic sectors, including retail and wholesale, catering, leisure, tourism, and government payments, via both online and offline channels. He insisted that the utility of the digital yuan in the first four trial cities should be expanded to the provincial level.
This seems to be what the future looks like
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Sounds good.
Great step though 🥳
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I'm sure other countries will do the same. It's just a matter of time.
Chinese people will be controlled 100%.
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