Crypto News Bulletin from seekingalpha

Wednesday February 24, 2021 10:36 AM
4 days 4 hours ago

China speeds up currency trials as it moves to digital renminbi

The southwestern Chinese city of Chengdu is handing out another $6M in the latest test of the central bank's digital currency. The scale of the trial is much larger than one conducted in Beijing earlier this month, which aimed to distribute $1.5M to 50,000 applicants. Other cities, like Shenzhen and Suzhou, have held their own tests of the People's Bank of China's digital currency in the last few months.What's happening? China is racing to become the first big economy to introduce a centralized digital currency. One of the most notable features of the currency is the ability to conduct transaction without internet, unlike China's hugely popular Alipay (BABA) and WeChat Pay (TCEHY). It also won't require a bank account to access funds, helping the 20% of adults in China without bank accounts. China already leads the world in digital payments, accounting for 44% of the globe's total value of such