China's digital currency trials underway

BEIJING (China Daily/ANN): China has started testing its government-backed digital currency in some regions before it is introduced to the public, aiming to replace paper notes and coins in circulation, according to the People's Bank of China, the central bank.

At present, the trials are being conducted in a closed environment and not connected to the existing sovereign currency issuance and circulation system. Pilot programmes have been launched in Shenzhen, Suzhou, and Chengdu, as well as in the Xiongan New Area, Hebei province, said a senior official from the digital currency research institute of the PBOC, who did not want to be identified.