23/04/2020
- Test in Xiong’an, the new city being built south of Beijing, will focus on everyday goods and services for the first time
- American food outlets to be included in the digital currency tests, conducting small transactions with local firms
American chains Starbucks, McDonald’s and Subway were named on the People’s Bank of China’s list of firms that will test the digital currency in small transactions with 19 local businesses. Photo: Bloomberg
China’s central bank has accelerated the testing of its new sovereign digital currency and, for the first time, will include some foreign consumer brands in the programme.
American chains Starbucks, McDonald’s and Subway were named on the People’s Bank of China (PBOC)’s list of firms that will test the
digital currency in small transactions with 19 local businesses.
The global names will be joined by local hotels, convenience stores, a stuffed bun shop, a bakery, a bookstore and a gym, according to details revealed at a promotional event in the Xiong’an New Area, a city being built south of Beijing, news portal Sina.com reported.
The inclusion of businesses providing everyday goods and services marks an expansion of the PBOC’s testing. It follows a previous disclosure that last week in Suzhou the digital currency was used to pay half public sector workers’ travel subsidies for May.
Is China a currency manipulator?
Wednesday’s promotional event was organised by the local branch of the National Development and Reform Commission, the powerful planning agency, and attended by representatives of the Big Four state-owned banks and two of the country’s internet giants – Alibaba and Tencent.
China has not released a timetable for launching the digital yuan, but last week’s reports on new testing have fanned speculation that it could be imminent.
The tests were reportedly accelerated after Facebook launched its Libra project in June last year, an attempt to create a
global digital currency pegged to a basket of currencies and backed by global commercial giants.
The Libra Association, the consortium managing the project, announced changes last week in an attempt to win regulatory approval and pave the way for an official launch sometime later this year. The consortium said it would create multiple digital units tied to existing currencies such as the US dollar or the euro, rather than a single token based on a basket of currencies.
China’s official digital currency, known as Digital Currency Electronic Payment (DCEP), came into the public spotlight last week
when a screenshot of a test version of an app developed by the Agricultural Bank of China circulated online.
The digital currency app has several basic functions, similarly to other Chinese online payment platforms such as Alipay and WeChat Pay – the country’s two most popular online payment tools – allowing users to make and receive payments, and transfer money.
“It’s certain that the DCEP is now in its final testing stage and should be officially launched,” BlockVC, an investment firm, said in a research note.
The PBOC’s digital currency research institute confirmed last Friday that testing was being conducted in four cities: Shenzhen, Suzhou, Xiong’an and Chengdu. In addition, venues for the 2022 Winter Olympics in Beijing and Zhangjiakou will join the testing programme in the future.
What is the Hong Kong Dollar Peg?
The institute, which was inaugurated in 2017, said that the test versions and applications of the currency had not been finalised.
The project testing is based on two principles: the central bank issues the virtual money to commercial banks who then pass it on to consumers, and that is aimed at replacing cash in all transactions.
China is the first major economy to publicly announce plans for a sovereign digital currency, aiming to better control the rapid rise of digital payments worldwide.
The PBOC has, however, cracked down on the trading of other digital currencies and banned banks from accepting cryptocurrencies, which it views as a risk to financial stability.
Source: SCMP
Posted in 2022, accelerated, Agricultural Bank of China, Alibaba, American, among, bakery, Beijing, Big Four, bookstore, built, Chengdu, China’s, conducting, consortium, convenience stores, cryptocurrencies, digital currency, Digital Currency Electronic Payment (DCEP), everyday, Facebook, first time, focus, food outlets, Foreign firms, goods and services, Gym, included, internet giants, June, Libra, Libra Association, local firms, local hotels, May, McDonald’s, National Development and Reform Commission, New Area, new city, news portal, People’s Bank of China (PBOC)’s, People’s Bank of China’s, planning agency, public sector workers’, reported, set to, Shenzhen, Sina.com, small, South, sovereign, starbucks, stuffed bun shop, Subway, Suzhou, TENCENT, test, transactions, travel subsidies, Uncategorized, Winter Olympics, Xiongan, Zhangjiakou |
Leave a Comment »
15/02/2019
BEIJING, Feb. 14 (Xinhua) — The Beijing municipal government has published a plan to transform a vacated industrial site in its western suburb into a city landmark by 2035, as part of the preparation for the Beijing 2022 Winter Olympics.
The new area, on the basis of the Shougang Park, a former steel plant relocated to neighboring Hebei Province in 2010, covers an area of 22.3 square km, according to the plan released Wednesday by the city’s development and reform commission.
“Building on the existing facilities, we will create a distinct community composed of museums, industrial incubators and leisure facilities,” said Hong Jiyuan, deputy director of the commission.
Sports facilities including a ski site and a training center are under construction in the park for the Winter Olympics. The facilities will be used after the Games to host international events and exhibitions, according to the plan.
Beijing is also building more lakes, forest parks and waterscapes in the area to create an eco-friendly demonstration space.
Shougang Group will cooperate with enterprises both at home and abroad to rejuvenate the old industrial area, said Wang Shizhong, deputy general manager of the company, adding that Beijing’s first 5G network and an artificial intelligence industrial park will be established there.
Source: Xinhua
Posted in 5G network, Artificial intelligence, Beijing, China alert, commission, deputy director, deputy general manager, forest parks, Hong Jiyuan, Industrial park, municipal government, Shougang Park, Steel City, steel plant, transform, Uncategorized, Wang Shizhong, waterscapes, Winter Olympics |
Leave a Comment »
CHINDIA ALERT: You'll be living in their world, very soon 