China is on the list of countries that create national digital currencies (CBDC). The work on the deployment of the token slowed down during the coronavirus pandemic, but the leadership of the Middle Kingdom promised to complete it and provide a digital version of the yuan.
Mu Changchun, who heads the Central Bank's Digital Currency Institute, said at a conference in Hong Kong this week that CBDC testing is in full swing.
The corporations participating in the project have registered about 10 million accounts. Ordinary Internet users have created about 140 million wallets. According to a representative of the Central Bank, interest in the digital yuan is growing rapidly. People not only want to learn more about an innovative tool but also put it to the test.
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Changchun spoke about the limits that will be set for CBDC holders. When activating the basic version of the crypto wallet, the annual amount of transactions with the token should not exceed 50,000 yuan or $ 7,800.
To register, you only need a phone number. If the token holder wants to make an unlimited number of transactions, then it will need to go through verification at the bank.