The People's Bank of China (PBOC) announced that it will pilot a restriction on large-scale cash transactions in three different regions across the country, with one expert calling the move paving the way for its upcoming digital Renminbi token (RMB).
On Nov. 14, local news outlet Xinhuanet reported that the PBOC intends to carry out a large-scale cash management trial that will last for 2 years and will be implemented in phases in the Hebei Province, Zhejiang Province and Shenzhen City.