by Industry observers said that these plans by China's first-tier cities send a clear signal that DCEP will be subject to large-scale testing this year against the backdrop of a global race, which will lay a solid foundation for its launch in the near future."The pilot testing is only the first step of a 'long march.' Once launched, the digital yuan will reshape China's financial industry and unleash a promising digital finance service sector worth billions of yuan," a Shenzhen-based veteran industry insider told the Global Times on Sunday. In 2020, the trial operation of DCEP expanded from small-scale closed-loop testing to large-scale open testing. The tests were carried out in a handful of cities including Shenzhen, Shanghai, Suzhou in East China's Jiangsu Province, Chengdu, capital of
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Industry observers said that these plans by China's first-tier cities send a clear signal that DCEP will be subject to large-scale testing this year against the backdrop of a global race, which will lay a solid foundation for its launch in the near future.ECNS"The pilot testing is only the first step of a 'long march.' Once launched, the digital yuan will reshape China's financial industry and unleash a promising digital finance service sector worth billions of yuan," a Shenzhen-based veteran industry insider told the Global Times on Sunday.
In 2020, the trial operation of DCEP expanded from small-scale closed-loop testing to large-scale open testing.
The tests were carried out in a handful of cities including Shenzhen, Shanghai, Suzhou in East China's Jiangsu Province, Chengdu, capital of Southwest China's Sichuan Province, and Xiongan New Area, North China's Hebei Province.
In addition to offline payments, the digital yuan wallet also supported online payments in e-commerce platforms in trial runs....
Major Chinese cities plan large-scale tests of digital currency in 2021
China has allocated 104 billion yuan (about 16 billion U.S. dollars) from its central budget to fund basic living allowances for needy people ahead of the upcoming Spring Festival, an official said on Monday.Temporary assistance and subsidies will be provided directly by local authorities to those who face dire situations due to COVID-19, said Zhang Zaigang, deputy director of the social assistance department of the Ministry of Civil Affairs, at a press conference.
Zhang urged local authorities to ensure the timely distribution of subsistence funds to people ahead of the Spring Festival, the most important traditional Chinese festival, which falls on Feb. 12 this year.
Assistance should also be offered to low-income residents in the country's northern areas to help them withstand the freezing winter temperatures, Zhang said.
Over 1.8 billion yuan in heating subsidies has been distributed in northern provincial-level regions including Heilongjiang and Liaoning, figures from the ministry show.