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China’s CBDC currently being tested in Suzhou with different workforces

China’s CBDC currently being tested in Suzhou with different workforces
  • Over the past few weeks, we have seen new details come out in regards to the ongoing trials for central-bank digital currency.
  • In particular, it is currently being integrated into a major city in the Jiangsu province of the country, Suzhou.

Over the past few weeks we have made several articles in regards to Chinese digital currency and now, we have seen new details come out in regards to the ongoing trials for this central-bank digital currency. In particular, it is currently being integrated into a major city in the Jiangsu province of the country, Suzhou.

Earlier today, reports surfaced and revealed that the digital currency in the making is currently being tested as a part of a transport subsidies scheme for the local government and enterprise workers. A separate report has also confirmed that the mobile payments app, AliPay has also contributed to the research and development of the hardware for the new currency as well as its distribution and payment technology.

In April, many enterprises and agencies will be working in the district and paying 50% of local workers transport subsidies in the new digital currency. Such companies and enterprises are also requested to sign a digital currency distribution agreement with the relevant wage distribution bank as well as having to install the digital wallet for the whole workforce.

The technical design for this central bank digital currency has not been yet officially released by the central bank. In fact, very little information has been revealed in regards to the development of this coin.

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

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