People's Bank of China: Solidly Carry Out the Research and Development Pilot Work of Digital Renminbi

ChainCatcher News, the People's Bank of China stated that as of now, the People's Bank has selected certain areas in 15 provinces (municipalities) to carry out digital RMB pilot programs and has comprehensively evaluated and identified 10 designated operating institutions. The top-level design of the digital RMB's two-tier operation framework has passed comprehensive testing, and its feasibility and reliability have been effectively verified. A large number of replicable and promotable application models covering both online and offline have been formed in various fields such as wholesale and retail, catering and cultural tourism, education and healthcare, and public services. As of August 31, 2022, the cumulative number of transactions in the pilot areas of the 15 provinces (municipalities) reached 360 million, with a total amount of 100.04 billion yuan, and the number of merchant stores supporting digital RMB exceeded 5.6 million. In addition, the digital RMB will continue to promote development in several areas, including strengthening the supply of basic products, exploring intelligent product applications, improving barrier-free and elderly-friendly designs, and maintaining a security bottom line. (source link)