China Rolls Out Pilot Test of Digital Currency
China's central bank has just introduced digital currency in four municipalities as part of a full-scale test. This is a first for an institution of this scale. The cities of Shenzhen, Suzhou, Chengdu, and Xiong'an - a district of Beijing- have been chosen by China to try out a nationwide initiative in cryptography. China Rolls Out Pilot Test of Digital Currency The pilot program aims to test the functionality of such currency at the local level as a first step, according to an official statement made Monday, April 20, by the People's Bank of China. As reported in the Wall Street Journal, the full-scale tests are the result of several years of work by the Chinese central bank's research institute since 2014. No official name Named by its internal shortcut "DC/EP", or "digital currency/electronic payment" in the absence of an official name, the new currency should have certain functionalities in common with better-known crypto