China’s government is expanding testing of the CDBC. An officer of the People’s Bank of China reported that it created a whitelist in order to continue testing the digital yuan.
Citizens who are interested in participating in this initiative may request to be included in the new phase of trials at certain state banks. Fan Yifei (deputy governor of People’s Bank of China) said that more than ten million Chinese citizens are already on the whitelist.
The extent of the test and the distribution method for the digital yuan have yet to be clarified. Although the digital yuan was tested in many cities, it is not yet widely accepted.
China is increasing the number of users and currencies in these tests in order to allow the digital Yuan to be used for the next Winter Olympics. Fan Yifei said:
We are confident that we can continue expanding the range of trials.
Test Ramps Up
The People’s Bank of China’s latest stage is the whitelist program. Last month, Shanghai and Beijing began giving out red envelopes of digital Yuan to their citizens.
These cities will distribute more than 500,000 red envelopes. These tests may not get the attention they deserve. Some reports show that people are reluctant to change from the traditional payment method to the digital Yuan.
China’s government is now cleaning up its act. In several provinces, a ban on cryptocurrency trading and mining is in effect. Yunan and Sichuan, Qinghai and Inner Mongolia have expelled miners from their territory. This led to a mining exodus that has affected operation of the Bitcoin Blockchain.
The government also took action against companies that were involved in cryptocurrency trading. This was the case with Beijing Qudao Cultural Development. It was closed because of its participation in software that facilitates cryptocurrency transactions.