Yesterday, we reported that the Chinese government has been putting measures in place for the roll-out of the Central Bank Digital currency, which will be implemented in phases through various pilots that will be conducted via its state-owned institutions. Though the Peoples' Bank of China(PBoC) has not yet announced an official release date, some individuals on Wechat have already circulated some images of the digital Yuan application interface.
Perhaps you are wondering if the Chinese government is now interested in cryptocurrency? Well, new details of how the deployment will be carried out have emerged. The PBoC intends to start the pilot in regions they consider to be more tech advanced, with younger people who will be more receptive. Hence, the government has highlighted the cities of Shenzhen and Suzhou for the pilot implementation of the digital Yuan.
The PBOC has also made plans with government institutions in the region of Suzhou, to pay a portion of their transportation subsidy in digital Yuan. They have also instructed the state institutions to ensure that the digital wallet is installed for each employee so that they can access the funds.
While the complete details of how the application will work are not available, it appears from the pictures circulating online, that it would have some similar structure as Alipay's app. Another notable feature is the ability for the wallet to work offline, in converting funds from crypto to fiat.
Therefore, taking a look of how things have played out, this will be the best time to move transaction settlement to more digital forms, especially as we consider how the world is going to be structured post-COVID-19.
Note: This post is culled from an original article by Bitcoinist
