China Central Bank to Test Own Cryptocurrency by the End of 2019

Employees of the People’s Bank of China are planning to test the electronic payment system, based on its own digital currency in the near future. According to unofficial information, this will be held in two cities: Shenzhen and Suzhou.

According to sources, the Central Bank of China encourages partners to come up with their own development strategies for the new system. The test version of the program will work in such sectors as education, medicine, transport, and trade. According to some local media, this initiative may be launched this year.

It will look as follows: the People’s Bank of China will charge some financial institutions with its own cryptocurrency instead of the national currency. In order to use this service, clients will need to register a special digital wallet.

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