Digital Currency in China is in Pilot Phase

The People's Bank of China has been studying legal digital currency since 2014. At the end of 2017, with the approval of the State Council, the People's Bank of China organized part of commercial banks and relevant institutions to develop the research of the digital currency system (DC / EP) together.

The launch of the digital currency will not only let us see the next series of changes in social life based on digital currency, but also let us see the application of related technology will usher in the explosive growth.

In November 2019, Yifei Fan, the deputy governor of the People's Bank of China, stated that digital currencies have basically completed top-level design, standard formulation, functional R & D and joint debugging testing.

The first application of the digital currency will be implemented in Suzhou, it will be issued in the form of transportation subsidies.

According to relevant documents obtained by reporters, Suzhou requires employees of district administrative units to install digital wallets in April, and in May 50% of the transportation subsidies in their salaries will be distributed in the form of digital currency.