In this trial, the emphasis will be on protecting privacy and preventing crime. In a press release issued by PBoC, it has been told that the digital yuan trial is going on in 11 cities and there are plans to launch it in more cities soon. In view of the rapid growth of private digital platforms, preparations are being made to launch the Digital Yuan. The objective of PBoC is to increase the competition in the market through this digital currency. This will improve the efficiency and safety of the payment system and help in reducing the cost of transactions along with faster payments.
Zou Lan, Head of Financial Markets at PBoC, previously reported that PBoC’s Digital Yuan Wallet is one of the fastest growing apps in terms of number of installs. He said that about 20 percent of the population of China has installed this wallet and through it transactions worth about 87.5 billion yuan have been done. In recent times some countries have started work on plans to launch CBDCs. Like cryptocurrencies, CBDCs do not have volatility and other risks. In the US, the Federal Reserve is exploring the possibility of launching a CBDC. Russia has started testing its own CBDC called the Digital Ruble.
Jam-Dex, the digital currency of the Caribbean country Jamaica, is launching soon. Its testing was completed last year. All Jamaicans will have access to Jam-Dex through a wallet provider or bank. About 17 percent of Jamaica’s population does not have access to the banking system. All Jamaicans with a bank account will be able to receive the Jam-Dex digital wallet automatically. According to an estimate, 86 countries are developing their own digital currency. The number of these countries has almost doubled in the last two years. Nine of these countries have already launched CBDC and 15 countries are testing it.
For the latest tech news, smartphone reviews and exclusive offers on popular mobiles, download the Gadgets 360 Android app and follow us on Google News.
Related news
,