With the coronavirus pandemic continuing to wreak economic havoc all over the world, China’s commitment to releasing its much-hyped digital yuan project — referred to as the Digital Currency Electronic Payment, or DCEP — as early as possible has remained impressively steadfast. In this regard, it appears as though Chinese authorities are now rolling out the digital currency for testing across Hong Kong’s Greater Bay Area over the coming few weeks.
Furthermore, it came to light on Aug. 5 that a select group of state-run commercial banks within China had been conducting industrial-scale internal tests of a digital currency wallet designed especially for the aforementioned digital currency. The banks are reportedly trying out the wallet as a means of facilitating large-scale monetary transfers alongside everyday payments using China’s central bank digital currency.
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