Testing continues for the digital yuan by Chinese state-run banking institutions

• A massive scale internal testing for a digital wallet designed for the national digital currency of China has apparently been conducted by a group of commercial banks. 
• According to a report published earlier this month, the banks are testing the wallet application in order to transfer money, as well as making payments in China’s CBDC, otherwise known as the digital yuan. 

A massive scale internal testing for a digital wallet designed for the national digital currency of China has apparently been conducted by a group of state run commercial banks in the nation. 

According to a report published earlier this month, the banks are testing the wallet application in order to transfer money, as well as making payments in China’s CBDC, otherwise known as the digital yuan. 

This is yet another milestone in the progress that China has in adopting crypto and blockchain with its digital yuan. 

The People’s Bank of China has previously said that the country should actively promote the development of this CBDC and should even be one of its top priorities for the second half of this year. This comes despite the hardship brought on from COVID-19.

When it comes to Cryptocurrency and its regulation, China is probably one of the strictest countries to come across. Of course, the irony is clear that China is leading the world when it comes to developing its own national digital currency. It seems that the nation has been slow but steady in its development and has even successfully piloted the project in four cities across the nation including Shenzhen, Chengdu, Suzhou and Xiongan.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!