The PBoC’s Digital Currency Research Institute announced that it was planning to build a ‘legal digital currency test zone’ in Beijing.
Peoples Bank of China governor Yi Gang gave several announcements regarding the DC/EP at Hong Kong Fintech week–Yi Gang's reports indicate progress.
The digital yuan is not a digital currency like Bitcoin, but a virtual fiat currency issued and controlled by the People's Bank of China.
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 detailed a recent case in which its Huizhou City branch uncovered a cross-border online gambling operation that relied on USDT for funds transfer.
The digital currency electronic payment has been on a test run, targeting small retail transactions amid preparations for nationwide rollout.
Chengdu joins Beijing, Shanghai, Shenzhen in creating an enabling environment for blockchain, artificial intelligence, big data and more.
The People’s Bank of China has already met with the Beijing company to discuss proposals to trial digital yuan across its platform.
Yi Gang, head of the Chinese central bank, said there was no date for an official launch yet for the digital yuan project.
Participating banks will be able to share information on the blockchain, without the need for third party verification or intervention.
Dubbed a “cheat sheet” for investors, the warning looks at common frauds including regular securities and pensions, virtual currencies and blockchain.