The People’s Bank of China, which could be the first central bank to issue its digital currency, will test the electronic payment system in Shenzhen and Suzhou.
As part of testing an electronic payment system based on its digital currency (DC/EP), the Central Bank cooperates with seven state-controlled companies, four of which are commercial banks, and the remaining three are telecommunications giants.
The People’s Bank of China plans to build a system focused on industries such as transportation, education, commerce, and health care. Some banks have decided to enter into cooperation with telecom operators to create SIM cards with built-in digital wallets, while others will develop wallets on their own.
“Previously, this direction was not a priority, but recently and quite suddenly, work has intensified,” representatives of some commercial banks said.
According to the current model, commercial banks will first receive digital currency from the Central Bank. Then users and business representatives will register wallets in these banks and use digital currency.
Let us recall that last week, EU authorities also announced their intention to study the prospects of creating a single digital currency, although they are not ready to proceed with active actions.
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