China's largest cities are preparing to launch pilots this year to encourage the use of the country's central bank digital currency (CBDC).
According to the report in the Chinese state media organization Global Times, Beijign, Shanghai and Shenzhen were selected as pilot cities. According to the report, Beijing Mayor said that the capital will accelerate the development of 'show zones' for fintech and professional services in 2021. This effort will include the promotion of a pilot for CBDC, officially called Digital Currency Electronic Payment (DCEP).
According to the report, the Mayor of Shanghai has made a similar commitment to promote the digital currency. Guangdong province's authorities also said they would support the development of Shenzhen as an 'innovative pilot zone' for the digital yuan. Shenzhen local authorities called the public to use digital currency in certain areas. By organizing various promotions in all three cities to attract the attention of the public, it will ensure the participation of large groups in the pilot study.
Source: China International Radio