China's central bank is conducting tests of a digital yuan payment system in four cities across the country, it told Reuters on Tuesday.
The headquarters of the People's Bank of China, the central bank, is pictured in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. REUTERS/Jason LeeThe People's Bank of China responded to Reuters' queries following reports in local media last week that it was pushing forward with a digital currency application, which had lifted digital-currency related stocks.
It said the DC/EP system remains in a period of research and development, and that the pilots do not mean the PBOC has officially issued digital yuan. The tests will not affect yuan issuance, circulation or financial markets outside of the testing environment, it added.
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