China opens digital yuan whitelist for ten million citizens – bitcoin news

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The Chinese government is going even further in its digital yuan test. Now, 10 million users will be able to test and use the currency after requesting to join a whitelist at certain state banks. This new phase of the test aims to detect possible problems in a larger test environment. China is preparing its user base and digital yuan technology for use in the upcoming 2022 Winter Olympics.

Opening the digital yuan whitelist

The Chinese government is expanding testing of its CDBC. According to reports from an officer of the People’s Bank of China, she opened a whitelist to further experiment with the digital yuan. Citizens interested in being part of this initiative can apply for their inclusion in this new trial phase in some state banks. More than ten million citizens are already on this white list, said Fan Yifei, vice-governor of the People’s Bank of China.

However, the extent of this test and how the digital yuan will be distributed has not been clarified. While the digital yuan has been tested in several cities, its acceptance is still far from ubiquitous. China is increasing the volume of users and currencies in these tests, with the intention of using the digital yuan in the upcoming Winter Olympics. Fan Yifei said:

We are confident that we will continue to expand the scope of testing.

Testing is increasing

This whitelist program is just the latest in the People’s Bank of China steps. At the start of last month, Beijing and Shanghai began handing out digital red yuan envelopes to their citizens. These two cities will distribute more than 500,000 red envelopes. However, these tests might not get all the attention the government wants. According to some reports, people are reluctant to switch from popular payment methods to the digital yuan.

As a result, the Chinese government is preparing to clean up. A ban on cryptocurrency mining and trading is now in effect in several key provinces. Yunan, Sichuan, Qinghai and Inner Mongolia have driven miners from their territories. This has given rise to a mining exodus which is affecting the functioning of the Bitcoin blockchain.

In addition, the government has taken action against established companies involved in the cryptocurrency industry. This is the case with Beijing Qudao Cultural Development, a company that was shut down for its alleged involvement in providing software to facilitate cryptocurrency transactions.

What do you think of the expansion of digital yuan testing? Tell us in the comments section below.

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