China’s Digital Currency Gears Up For Launch, Large Scale Tests Underway

The launch of China’s digital currency (DCEP), seems to be just around the corner.

Presently, large scale trials are ongoing in Shenzhen as the CBDC gears up for an official launch. Several internet users have criticized that the DCEP app lacks some crucial functionalities which are provided by Alipay and WeChat pay.

Recently, large-scale trials of DCEP wallets took place at foremost state-owned commercial banks in Shenzhen. As per the reports from Jingji21, a Chinese finance publication, the aforementioned app is accessible to some customers at Bank of China, China Commercial Bank, ICBC, and the Agricultural Bank of China.

Notably, the People’s Bank of China recently hosted a web conference. In the web conference, some representatives from the bank mentioned that the first central bank virtual currency test during the first half of this year proved out to be successful. The representatives added that the research and development procedure of the Digital Renminbi will be dynamically moving forward during the 2nd half-year of this year.

At press time, there has been no official declaration of a calendar for the official unveiling of DCEP.