China, which seeks to be the first major economy to launch a digital currency, is to trial a digital yuan in four urban areas – including payments of local government employees’ transportation subsidies.
The major cities of Shenzhen, Suzhou and Chengdu, as well as the Xiong’an New Area, will host as ‘internal closed pilots’.
The three cities have a combined population of more than 38 million people. The Xiong’an New Area is a district and economic zone being developed by the government near the capital Beijing.
The currency will be used to subsidise transport in Suzhou, while in Xiong’an the trial primarily focuses on food and retail. The pilots’ aim in all locations is to “optimise and improve” functionality ahead of the wider rollout of the currency.
China, which seeks to be the first major economy to launch a digital currency, is to trial a digital yuan in four urban areas – including payments of local government employees’ transportation subsidies.
The three cities have a combined population of more than 38 million people. The Xiong’an New Area is a district and economic zone being developed by the government near the capital Beijing.
