Crypto

PBoC Officials Confirm its Digital Currency has Major Telecom Support

There are still many questions associated with China’s digital currency plans. The PBoC has now confirmed how the currency will be tested in a few cities, and will gain the support of telecom giants.

The to-be issued central bank currency in China will go through rigorous testing first and foremost.

PBoC Announces Digital Currency Test

Although very few details are known about it at this time, it seems more information has come to light.

PBoC Officials have confirmed this digital currency will be put to the test in Suzhou and Shenzhen.

This test will give the central bank a basic idea of how people perceive this currency and whether it will generate any real interest.

To make the currency more appealing, the PBoC is partnering with seven state-owned firms to oversee this test.

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Those partners include four commercial banks and three of the biggest telecom service providers in the country.

During the initial test, the focus for this currency lies with education, medical care, transportation, and commerce.

It also appears custom SIM cards with built-in wallet support for this currency will be created in the weeks to come. 

The testing period itself will run for several months, with no fixed end date confirmed at this time.

Many people feel as if the timeline by the PBOC has been moved up significantly.

It is unclear which external factors may have influenced the decision-making, if any.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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