China’s central bank has introduced a homegrown digital currency across four cities as part of a pilot program, marking a milestone on the path toward the first electronic payment system by a major central bank. At the same time, the U.S. is mailing out paper stimulus checks - what a juxtaposition!
Internal tests of the digital currency are being conducted in four large cities around China—Shenzhen, Suzhou, Chengdu and Xiong’an, a satellite city of Beijing—to improve the currency’s functionality, the digital currency research institute under the People’s Bank of China confirmed Monday, in response to a request for comment. Chinese domestic and state-run media outlets reported on the trials over the weekend. The trials followed years of research by the central bank dating back to 2014.