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A leaked video shows the conversion of Yuan into Digital Yuan in China

A leaked video has reportedly emerged in China showing the conversion of fiat (Yuan) into Digital Yuan for use in the country’s proposed digital currency electronic payment (DC/EP) project.

It shows a user reportedly transferring 50 RMB from a checking account into 50 units of the digital yuan and transferring the same amount to a DC/EP wallet likely developed by the Agricultural Bank of China (ABC).

As AZCoin News reported, internal closed pilot tests of the central bank digital currency (CBDC) developed by the People’s Bank of China (PBoC) are to be conducted in Shenzhen, Suzhou, Xiong’an New District, Chengdu, and at Beijing 2022 Winter Olympics locations.

China may accelerate the rollout of its state-run digital currency to counter potential US threats to Chinese financial institutions and the yuan’s international settlement, while facilitating the implementation and management of large-scale post-COVID-19 stimulus, according to Cao Yin, a Beijing-based blockchain industry insider.

However, in an interview published on the central bank’s website, PBoC Governor Yi Gang was asked about the digital currency’s official launch date, to which he replied: “These tests are just routine work for the research and development of the digital currency. No schedule for an official launch has been revealed.”

The PBOC person further confirmed that the current research and development of digital yuan is steadily advancing. They also said that internal tests would not affect commercial operations of banks, yuan issuance and circulation system and financial markets.

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