China’s digital currency: Beijing, Shanghai and Guangdong commit to new digital yuan trials in 2021

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Beijing, Shanghai and Guangdong, China’s wealthiest province, all made new commitments over the weekend to testing the digital yuan, as the country moves closer to becoming the first in the world to launch a central bank digital currency (CBDC).Beijing Mayor Chen Jining and Shanghai Mayor Gong Zheng both pledged in work reports that their cities would offer new pilot programmes this year for the Digital Currency Electronic Payment (DCEP), as the digital yuan is officially known.Neither of the…

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