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PBoC completes joint testing of its planned CBDC

Image: Bloomberg

Mon, 13 Jan 2020, 07:31 am UTC

The People’s Bank of China (PBoC) has announced that it has completed the top-layer design and joint testing of its planned central bank digital currency (CBDC), Cointelegraph reported referring to a local news outlet Sina.

The details were announced by the PBoC in a recently published report, entitled “Inventory of Central Bank 2019|Fintech.”

As per the details, the central bank has completed the top-layer design of its CBDC (dubbed Digital Currency Electronic Payment (DC/EP)), developed standards, and conducted research and development and joint debugging testing of the digital currency.

The central bank, however, has not disclosed the institutions that participated in the testing of the CBDC. It is

The PBoC also said that it will carry out an in-depth study on digital currencies and monitor the ongoing developments in this space worldwide.

The central bank has been developing the digital currency for quite some time now. It established its Digital Currency Research Institute back in 2017.

Reports of the CBDC’s first real-world test floated only last month, which suggested that the initial pilot was planned for the city of Shenzhen before the end of 2019 with the possibility of including the city of Suzhou. The sectors included in the pilot program reportedly included commerce, transportation, education, and medical care.

Meanwhile, the endorsement of blockchain technology by Chinese President Xi Jinping has spurred a host of blockchain initiatives across the country. In fact, various branches of the PBoC, including the Nanjing branch, the Hefei branch, the Yinchuan branch, and others, have been organizing lectures and seminars on fintech and blockchain development.

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