China will become the first country to real-world test its centrally banked digital currency (CBDC).

A local news media organisation is claiming that the digital yuan will be piloted in Shenzhen before the end of this year and could possibly be rolled out in Suzhou as well.

The digital yuan project has been in development for a while now and with Beijing now officially backing blockchain technology, China may well become the first country to use a cryptocurrency, albeit a centralised one.

The scheme will be carried out under the watchful eye of the People’s Bank of China and China Central Bank along with four other prominent banks and a host of corporate interest.

All of them will test payments with the new currency.

The news shows that China is surging ahead in the race to develop the worlds first digital currency.

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