People’s Bank of China expands the geography of digital yuan testing

According to the People’s Bank of China, the amount of transactions with the digital yuan by the end of 2022 exceeded $14 billion.

If initially the token was tested in 15 provinces of the Celestial Empire, now the Central Bank has decided to significantly expand the geography of its testing.

The regulator’s statement notes that 17 more provinces have joined the testing of the digital currency. Moreover, the Central Bank promises to expand CBDC tests to almost the entire territory of the country in the near future.

Transactions with the digital yuan can be carried out by scanning a QR code using a mobile application.

Operations are carried out with minimal commissions, and the regulator promises to ensure maximum confidentiality of each sender and recipient of funds.

In addition, transactions are possible without access to the Internet.

Major Chinese banks and IT giants are also taking part in testing the token. It will be used as a means of payment along with the fiat yuan.

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