These days, China always seems to be in the headlines. It is mainly due to its regulations and crackdown against all the private cryptocurrencies or related activities. However, this doesn’t mean that China has an issue with the “crypto” itself; they just want the power! 

The latest regulations aimed to eliminate the competition for their new digital currency, Digital Yuan. In 2014, China’s government envisioned this currency, and since then, it has distributed around $30 million. Following the past few months, the People’s Bank of China is launching trial projects in different cities for implementing a digital yuan payments system.

It is quite clear that China’s economy is eyeing the central bank digital currency. Other countries are exploring the same idea as well. Approximately five nations of the Caribbean have already implemented a digital currency. Talking about the European countries, they are also building a central bank digital currency called D-Euro. Their aim is to complement the existing monetary system and not replace fiat money.

Looking at the current scenario, it won’t be long when more countries and nations join the race to develop their central digital currency. This will defy the whole purpose behind the cryptocurrencies being decentralized.

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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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In an announcement from October 2020, the Bank of Japan outlined its approach to preparations for the issuance of CBDC. It explained the steps as a way to making the payment system more efficient and responsive to change.

Several other banks around the world are at different stages in their CBDC rollout process. In particular, a survey conducted at the end of 2019 by the Bank for International Settlements (BIS) found that 80% of participating central banks (66 surveyed) had CBDC in the works.

For instance, in South Korea, Shinhan Bank completed a pilot of the digital won, in preparation for the CBDC rollout by the central bank. Moreover, the central bank of Jamaica is planning to pilot the CBDC in December 2021 before the launch in 2022. In addition, the digital yuan is scheduled to launch before the Winter Olympic Games in 2022.

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The source says that Beijing is planning to roll out digital yuan before the Winter Olympic Games in 2022, which means that the token will be issued less than a year from now. Amidst the preparation, the police report scammers being on the rise. Cryptonews.com, citing a post from a police unit in Shandong Province, talks about a scam involving 500 users of the CBDC who were led to believe they would get access to a governmental fund and can make over $20,000 for participating.

Other fraudsters can also be more active as people show more interest in the digital yuan. China has been well on the way to launching the token, with several promotional events taking place this and last year. The most recent trial took place in Beijing before the Lunar New Year, where 50,000 citizens each received 200 digital yuan in a random drawing.

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