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China Is Moving Fast With Digital Yuan

China is actively running pilot projects with its digital yuan. It has already been successfully tested for multiple use cases in industries like eCommerce and for paying staff salary. 

According to the reports in the local media, China is already testing its Central Bank Digital Currency (CBDC), in the insurance industry. The reports claim People’s Bank of China in Shenzhen is piloting Digital Yuan with an insurance service provider Ping An. It is primarily tested for insurance schemes for those in the healthcare sector. 

Explaining the developments, Wang Peng, assistant professor at the Gaoling School of Artificial Intelligence at the Renmin University of China has reportedly said: “As more users get used to making payments with the digital yuan and the market matures, the application scenarios will be able to expand from the insurance industry to more scenarios such as financial services, life services, and even the purchase of funds and trading in securities.” 

As the popularity of cryptocurrencies skyrockets, more and more countries are planning to create their own digital currency. China has already been cracking down on Bitcoin mining and anything related to cryptocurrency payments. Experts say the Chinese government is paving its way to promote the Digital Yuan.

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