The Chinese economic magazine reported that the trial operation of the digital currency (digital renminbi) developed by the People's Bank of China, the central bank of China, is expected to take place in Shenzhen and Suzhou. The four major state-owned banks in China (China Industrial and Commercial Bank, China Agricultural Bank, China Bank, China Construction Bank) and 3 major carriers (China Mobile, China Unicom, China Telecom) will participate in the pilots led by the People's Bank. Prospect.
An official involved in the trial operation said, “We will conduct a small-scale operation in Shenzhen at the end of this year and expand it throughout Shenzhen next year.
In Shenzhen, IT companies representing China, such as Huawei and Tencent, are gathering, and social implementation of blockchain is also progressing in the public sector. In addition, the central bank established Fintech startup as a wholly-owned subsidiary in 2018. In November this year, the People's Bank Digital Currency Research Institute and Huawei signed a memorandum of cooperation for FinTech research.
In addition to Shenzhen, a fintech company co-founded by the People's Bank and Suzhou City is recruiting blockchain personnel, and Suzhou City is also considered a potential candidate for trial operation.
The People's Bank began researching digital currency in 2014, and according to media reports, a department was established at the end of 2018 to prevent tampering and counterfeiting of digital currency within the central bank's money and silver bureau. In addition, it is said that the establishment of standards related to digital currency and cooperation with payment systems are progressing at the same time.
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