China's Central Bank To Lead Real-World Pilot Of Digital Yuan: Report

China is at last planning to conduct the first real-world test of its central bank digital currency (CBDC), fresh reports claim. 

According to local news outlet Caijing on Dec. 9, the initial pilot for the CBDC is set for the city of Shenzhen before the end of 2019, and may possibly include the city of Suzhou.

Under the auspices of China’s central bank, the People’s Bank of China (PBoC), four major banks and major economic participants such as China Telecom will test digital currency payments. 

“One step will be to rationally select the pilot verification area, scenario and service scope, and steadily promote the introduction and application of digital form of fiat currency,” Caijing explains.

The article continues:

“Compared with the previous pilot, this time the central bank's legal digital currency pilot will go out of the central bank system and enter real service scenarios such as transportation, education, and medical treatment, reaching C-end users and generating frequent applications.”