China Introduces Pilot Version Of Digital Yuan In Four Cities

Jyoti  |  Apr 15, 2020

The pilot version of digital yuan wallet app has been out and people in China are sharing its screenshots on social media.

Digital Yuan Wallet App Screenshot Shared

While sharing the screenshot of digital yuan wallet app on twitter, Ling Zhang, announced that the company has launched the application in the four cities of China, which were shortlisted for the initial trial.

The selected Chinese cities are Shenzhen, Chengdu, Suzhou and Xiongan. The executive director further stated that Xiongan is the new metropolitan city of China, which has been located on the outskirts of Beijing. She also pointed out that Xiongan is also the site of Smart City Brain Project of China.

Xiongan Becomes New Metropolitan City 

As Xiongan is a part of the Smart City Brain Project, therefore, it would have an enhanced intelligent infrastructure to connect satellite information services, sensor recognition, 5G network, supercomputing and big data facilities.

Since the day the city has become a part of the project many tech giants like Tencent, Alibaba, JD.com and Baidu get attracted towards it. Even the President of China, Xi Jinping has visited this site for more than a time.

The CEO of Binance, when retweeted Ling Zhang’s screenshots, he appreciated the work of the country for rolling out the trial of digital yuan, so soon.

According to a report, although the world is fighting with COVID-19 crisis, China is working hard and stimulated its work to develop the central bank digital currency (CBDC).

On March 24, 2020, the Bank of China claimed to have finished the basic development function of the digital currency. It also stated that currently, they have been working on drafting laws so that they could implement the CBDC soon.

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