Even though the coronavirus pandemic that came toward this time last year brought everything on hold, it is safe to say somethings were able to survive and grow. Such is the growing digital currency trend across countries in the world. While it is safe to say that China has already made considerable progress before last year, the county enjoyed so many breakthroughs in its adventure.
If the latest news coming out of the country is to be regarded, then China is on the right course regarding the launch of their Central Bank Digital Currency. In the latest news obtained via Securities Times, citizens of the country who reside in Beijing and Shanghai have been given the go-ahead to apply for their digital yuan wallet from any of the six banks across both regions.
The registration can be done at six state-owned banks
The six banks mentioned are state-owned and have been involved in the digital currency’s testing phases. This recent move is regarded by all and sundry as the largest move by the country’s government in their push to launch the digital currency in the coming months. Despite most nations and continents showing signs of developing their digital currencies, China has been able to stay the course and lead others in the aspect.
As of last year, the country announced that about 4 million transactions had been carried out across their state banks in which a total of 2 billion yuan were exchanged digitally. When the report was published, the total amount of the Yuan spent on the testing was around $300 million. As nice as it is now, the Chinese government and their Central Bank had spent years carrying out research and testing the digital currency’s feasibility.
The United States still taking a back foot over digital currency creation
Their journey towards this milestone achievement started as far back as 2014. The then president of the central bank of the country, Xiaochuan Zhou announcement the establishment of a digital currency wing belonging to the bank. Last year, Shenzhen citizens were treated to a lottery where all the winning party received from the 10 million yuan that was shared. With this latest news, it means that Shanghai and Beijing’s citizens have been added to the equation.
With that, China is also opening up the digital currency’s reach to reach more people who would like to adopt the digital currency. While China has been at the forefront, the United States, though it has shown interest, is still taking a back foot regarding the development of their digital dollar. Giving these reasons for not rushing into the trend, the federal reserve boss mentioned that they already had a huge part of their population carrying out transactions digitally.