The trial will also allow the banks to see how the technology syncs with existing payment systems, as well as providing more effective routes to monitoring compliance.
In a new draft law, the bank proposed banning any yuan-pegged digital tokens, effectively killing off any competitor to its central bank digital currency.
The Central Bank of the Bahamas has developed the Sand Dollar to be transferrable via mobile phones, making it easy to use for the residents.
The Hong Kong government is reportedly exploring working with Chinese authorities to incorporate the digital yuan in wholesale and cross-border settlement.
The Central Bank of Kenya is in discussions with other central banks globally regarding the introduction of a central bank digital currency.
Equivalent to around $1.3 million in spend, Shenzhen residents reportedly turn to the as-yet-unreleased digital currency for payments in a variety of everyday settings.
There are currently no imminent plans to launch a central bank digital currency in New Zealand, according to a Reserve Bank of New Zealand senior executive.
The Bangko Sentral ng Pilipinas said significantly more research was required before it would champion a digital peso.
While the technology may deliver benefits for policymakers, there were many crises CBDCs could not fix, according to the International Monetary Fund.
The candidate’s duties will include monitoring developments on CBDCs, digital payments and financial technologies around the world, as well as researching the technology.
The Japanese central bank is closely monitoring regional and global counterparts in their progress on CBDCs, according to Kazushige Kamiyama.