China’s digital currency Yuan has been into headlines ever since it was announced some time back. Even the former PBoC president praised digital Yuan as US dollarisation defeater. And now, the currency is all ready to be tested in the city of Suzhou.
Recently, a local publication stated that ‘China will be conducting trials of digital Yuan on Friday evening with approximately 1000 people participating in it.’ The test will include trying out the new feature of the currency, which allows people to transact just with a tap on their smartphones.
As per the report, this feature will bring in benefits like:
- It can be used in the absence of an internet connection.
- It will make the currency suitable for transactions outside physical stores.
If the test goes entirely successful, China will be able to launch the full-fledged currency by February 2022, when Winter Olympics are planned to be held. Further, Huawei Technologies has introduced smartphones that carries the feature of “tap and pay” to support the tests.
The trial is arranged around the major event “Double 12” to see whether digital Yuan payments can work even under heavy loads or not. This will ultimately ensure its complete functionality.