Digital Yuan is Still Too “Green” to be Used for Large Transactions - OhNo "WTF" Crypto

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Digital Yuan is Still Too “Green” to be Used for Large Transactions

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Aug 25, 2020 at 09:21 //

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Digital yuan trialled for retail transactions

The People’s Bank of China is not going to expand trials of its CBDC to large volume transactions. For now, at least.

The Bank’s representative commented on the situation after the spread of such rumours on the web. According to Global Times, an unknown netizen reported receiving a large amount in digital currency for one’s house. However, the PBoC claimed that was not possible as the digital yuan is being trialled for small retail transactions only. 

Expanding the area, not the volume

As per the report by CoinIdol, a world blockchain news outlet, China expanded the area of its CBDC trials. Now, digital yuan is tested in Beijing, the provinces of Tianjin and Hebei, the Yangtze River Delta region, and the Guangdong-Hong Kong-Macao Greater Bay Area additionally to initial locations.

However, the CBDC is still too immature to switch it to large-volume transactions. Despite the launch of the digital yuan is highly anticipated by both China and the entire crypto community, the PBoC takes its time to thoroughly test its operation and fix all possible issues.

Naturally, they will also test it for large-volume transactions, but only after the trials for retail operations are complete. As for now, the PBoC does not reveal any plans on when exactly this might happen.  



OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Lana Smiley, @Khareem Sudlow