China has expanded its digital yuan trials to 10 million users. Also, the government is nearing the end of the trial phase, and a nationwide launch might happen shortly.
China is currently putting the CBDC, known as the digital yuan, to the test in a number of provinces around the country.
According to the Chinese Central Bank deputy governor, the trials will be expanded to around 10 million new qualified customers in the following days.
Those interested in testing the new CBDC can register with the regional bank’s “whitelist,” which will make them eligible for the trials, according to Fan Yifei, the deputy governor.
There are currently ten million registered users on several regional bank white lists. China is now leading the CBDC race, having finished the construction of its own sovereign digital currency in 2019.
It has been testing CBDC for two years and aims to expand the trial to the general public this year.
During the early stages of the testing, the authorities adopted an airdrop concept, in which they distributed millions of digital yuan to registered users.
The government’s current quick expansion of the testing beyond the early airdrop model means the government is nearing the end of the trial phase, and a nationwide launch might happen shortly.
China has launched one of the country’s toughest crypto crackdowns to date, prohibiting both crypto trade and crypto mining in the country.
While the most populous state has long been hostile to crypto-assets, stringent regulations against crypto firms and the entire shutdown of crypto mining farms were implemented this year.
It recently shut down a software firm that was reportedly involved in cryptocurrency trading. Businesses should avoid renting office space to any virtual asset company in the near future, according to the central bank.
Many believe that the latest crackdown on crypto firms is intended to minimize competition for its digital yuan, which is expected to go public soon.
Stablecoins, like Bitcoin, has been condemned by the Chinese Central Bank’s Deputy Governor, who has called them a tool for money laundering.
