China plans to launch CBDC, digital wallet system in Beijing

The Chinese government has just released new plans for the Beijing free trade pilot zone that outline trials of the Chinese central bank digital currency (CBDC).

On 21 September the Chinese government released the “Beijing Free Trade Pilot Zone General Plan”, outlining a slew of digital currency and fintech-related measures.

Jointly driving the research and development of fundamental mobile technology platforms and blockchain technology platforms;

Jointly expediting mobile innovations and online and offline applications of the digital renminbi, and jointly driving the establishment of a renminbi wallet ecosystem.

The Chinese central bank previously said in an article published on 19 September that it had “completed technical preparations” for the CBDC, and that it already “satisfied conditions for deployment.”

PBOC commenced research into a statutory digital currency in 2014, and by January of 2017 established its own a Digital Currency Research Institute.

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