China could start its pilot for the central bank digital currency (CBDC) before the end of this year, according to local news outlet Caijing. The article states that the anticipated pilot project “will go out of the central bank system and enter real service scenarios such as transportation, education, and medical treatment,” which will reach the end users.
The project will be overseen by the Chinese central bank and will include four major banks and large corporations such as China Telecom. This is a significant step as it will give China a major head start over other developed economies.