People's Bank of China to test digital yuan in Beijing

People's Bank of China (NSC) plans to organize an official testing zone for state cryptocurrency in the capital of China as part of an experiment to create a free trade zone in Beijing.

This week the Beijing Department of Financial Supervision and The government of the Tunzhou district held a conference, on which they talked about the plans of the Institute for the Study of Digital Currencies of the NBK to create a zone of testing state cryptocurrency and the digital financial system in the capital of China ”.

According to the performance of officials, The pilot project of state cryptocurrency is now included in planning at the state level, which is noted in the document on the "test zone of free trade" in Beijing and other cities.

According to the Chinese news agency Sina, The conference also discussed the implementation of the Chinese policy of the "two districts", which includes facilitating market access for foreign financial institutions, Development of International Capital Management, as well as the beginning of experiments with digital currency.

The pilot project planned by the Chinese government to test state cryptocurrency in Beijing follows similar efforts in the city of Shenzhen.

Recall, that in early October, Shenzhen, in cooperation with the People’s Bank of China, announced his intention to distribute 10 Mill of digital yuan ($1.5 million) among 50 000 Residents through the lottery. Later information appeared, what 88% digital yuan, common among citizens, were spent to pay for goods and services.

Besides, recently manager of the People's Bank of China and Gan (Yi Gang) stated, that in the framework of testing the digital yuan successfully carried out 4 million transactions on 2 billion yuan ($299 million).