The lieutenant governor of China’s central bank announced that there are currently 10 million people involved in the digital yuan (e-CNY) process. The next big phase includes the trials at the Beijing Winter Olympics in 2022.

The participation of 10 million Chinese citizens from all major cities in the e-CNY pilot program is welcome news and marks the most significant milestone to date. It looks like China’s Central Bank Digital Currency (CBDC) is making good progress.

During a press conference on July 8th, Vice Governor of the People’s Bank of China Fan Yifei announced that anyone can attend by being whitelisted. And when running the test, the number of transactions recorded shows a warm welcome from the public.

In addition to praising the digital currency and testing programs, Yifei announced that the 2022 Beijing Winter Olympics will be the next big test. He also said the bank has some confidence that it will continue to increase the scope of testing.

Aware of the importance of blockchain and the task of digitizing the economy, China has tried to lead the race to issue CBDCs. This is the first major economy to see currency as a possible solution. Meanwhile, many other countries such as Canada, France, New Zealand, Japan and Sweden are just starting to study while others have completely declined.

China insists on blockchain technology, but says no to bitcoin mining thác

China has made great strides towards CBDCs. The proof is that their tests work very well. In the past few months, the Chinese government has successfully tested the currency in areas such as Shenzhen, Beijing, Shanghai and Chengdu. The Hong Kong Finance Minister has also stated that there are plans for a digital currency in the region and that it will work particularly well with tech-savvy youth.

However, attitudes towards the rest of the market are not that positive. The country is cracking down on the crypto mining industry for environmental reasons. More importantly, China has ordered banks to stop facilitating crypto-related transactions.

It is not known when the CBDC will start, but it appears that most governments expect it to happen in the next few years. This means that other countries also have more time to catch up on this innovation. The next year will be the most important year for crypto usage. By then, many banks would have integrated the coin into their systems, which significantly increases the access potential.

Veronica

According to Beincrypto

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