China and Hong Kong began testing the digital yuan

by in Cryptocurrency News

CBDC

The People's Bank of China has begun cross-border trials of CBDC. Wang Xin, head of the research bureau of the Central Bank of China, told about this.

Together with the Chinese Central Bank, the Hong Kong Monetary Authority is participating in the testing. As Wang Xin noted, testing of the digital yuan is progressing well.

Recall that the authorities of the Celestial Empire expect to make an international instrument for payments out of their token.

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That is why recently, the representative of the People's Bank, Mu Changchun, during a speech at a conference organized by the BIS (Bank for International Settlements), urged countries to develop a unified regulatory framework to regulate transactions with CBDC.

This step will allow states not only to speed up the adoption of digital currencies of the Central Bank but also to make these tools as safe as possible compared to decentralized coins such as bitcoin.

Wang Xin said that testing of the token will take place in April 2021. After that, regulators in China and Hong Kong will analyze the consequences of introducing an innovative instrument in the financial market, the CB expert summed up.