4 Chinese banks will test digital yuan and distribute it as a state subsidy
They will also deliver the virtual currency via transportation subsidy to Suzhou state employees
The Agricultural Bank of China, one of the country’s largest commercial banks and owned by the Chinese government, began testing the digital yuan as a national digital currency project, as reported by cryptocurrency Bitcoinist, adding that some images leaked via WeChat. They showed a beta application with the logo of the mentioned bank.
Bitcoinist revealed that although the images have not been fully translated, the term “DC” in the center of the app’s home screen matches the name that many have given to the Chinese digital yuan project such as: Digital Currency Electronic Payment, or DC / EP, which stands for “digital currency / electronic payment”.
With respect to the PBoC digital currency, it is being tested in four regions: Shenzhen, Xiong’an, Chengdu and Suzhou, as stated by Matthew Graham, CEO of Sino Global Capital.
Graham further reported that the chosen locations are likely to be considered “tier 1 or tier 2” cities and “are the home of technological talent,” especially Shenzhen, considered China’s Silicon Valley.
For its part, news website CoinTelegraph noted that ChinSci-Tech reporters revealed that DCEP or digital yuan is being tested as part of a transportation subsidy scheme for local government and company workers.
K.Villarroel
Source: Diariobitcoin
