Saturday, January 28, 2023

Digital Renminbi Trail Program Welcomes 10 Million Participants

China has been running the Digital Renminbi trial program, which now involves around 10 million users, according to a report. The major phase of this test will start in 2022, during Beijing Winter Olympics. 

The Deputy Governor of China’s central bank said that the trial program already involved millions of participants from different regions of the country, but the recent numbers have set one of the biggest milestones. 

With 10 million users joining the trial program, it appears that the project is making good progress in the country.

While releasing a public statement, on July 08, the Deputy Governor of the People’s Bank of China (PBoC) Fan Yifei, informed that the citizens, who are willing to participate in this project, can just apply for whitelisting. 

He further notified that after receiving a warm welcome from the citizens of China, the digital renminbi is all set to make its debut in the Beijing Winter Olympics 2022. The Olympics platform is considered to be the next major trail for the Chinese CBDC.

Fan also mentioned, “The bank has the confidence to continue increasing the scope of the trials.”

China leads in the race of introducing the country’s own digital currency. It became the first major economy around the world that treats CBDC as a potential solution, while many countries have just begun their research process.  

China’s CBDC program is making great progress along with its testing. The country had a successful trial of CBDC in different regions like Shenzhen, Beijing, Shanghai and Chengdu. 

As per the report, Hong Kong is also planning to introduce the CBDC in its region, particularly for the tech-savvy youth. 

Presently, there are no indications from the government regarding the launch of CBDC, but it is being predicted the in the coming next years China will introduce it in the market. However, other countries are still very far from China in this race.

The report states that presently, not many banks offer the services of the digital renminbi, but in the future years more banks might start to integrate assets into their system, to make its outreach potential much larger. 

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