Sun Guofeng, director of the Monetary Policy Department of the People's Bank of China, the central bank, said on August 25 that digital RMB is still in the internal closed pilot testing phase and has not yet been officially launched, with no specific timetable.
On August 14, China's Ministry of Commerce released a document announcing the pilot areas for digital RMB, including Shenzhen, Suzhou, Xiongan New Area, Chengdu and the future Winter Olympics scene.
CCTV previously reported that China's legal digital currency is a combination of digital currency and electronic payment instruments from the People's Bank of China, with the goal of replacing some of the cash.
Will Alipay, WeChat Pay become obsolete with introduction of China's digital RMB?
The digital RMB uses the latest offline technology and can still be used even when there is no mobile phone signal.
Although it has entered the pilot testing stage, it does not mean that digital RMB is really on the ground, and it still needs to test theoretical reliability, system stability, risk controllability and many other aspects before it is officially put into use.
It has been said that if the pilot testing of digital RMB goes well, it may be able to be used in the Beijing 2022 Winter Olympics.
A recent rumor that Shenzhen has started using digital currency in second-hand housing transactions has been widely spread on WeChat. In response, the People's Bank of China has denied it.
China's central bank denies digital RMB used in property transactions
