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The next step is to launch pilots, which are planned for Shenzhen and Suzhou. The first firms involved are the four major state-owned banks, the three big telecoms companies and Huawei, which recently signed a cloud deal with the People’s Bank of China.Īccording to Fan Yifei, the deputy governor of the People’s Bank of China (PBoC), the currency has completed its top-level design, formulation, functional research and testing. “China’s much anticipated Central Bank Digital Currency (CBDC) will start pilot testing this month, according to local outlet Caijing. “They are the one who actually created the technology strategy which went up to the Development and Reform Commission. But actually, in many ways, Red Date Technology plays a critical role in the development of BSN because they are the one who architected the BSN,“ said Michael Sung, a professor at Fudan University’s Fanhai International School of Finance.

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As the only one of the three original founding companies with a specialized software background, Red Date initiated the project and has been spearheading the network’s technical design. That realization is a core idea of the Blockchain-based Service Network (BSN), a government-supported initiative scheduled to open for global commercial use Saturday. “Then I realized we can actually build a multi-framework platform to reduce the cost for everyone.” ““Initially I thought blockchain, especially distributed ledger technology, had no commercial value because it was too expensive,” said Yifan He, CEO of Beijing Red Date Technology. Some balked at the possibility a digital yuan might give authorities easier access to real-time data on their financial lives.” that have already replaced cash in much of the country.

In Shenzhen, the high-tech metropolis that just extended China’s largest digital yuan trial, participants interviewed by Bloomberg showed little interest in switching from mobile payment systems run by Ant Group Co. Yet talk to people who’ve actually used the digital yuan in China, and you’re more likely to get a different response: shrugs of indifference. Joe Biden’s White House is studying the potential threat to U.S. Franklin Templeton’s Michael Hasenstab says it could undermine the dollar’s role as the world’s reserve currency.

Historian Niall Ferguson is calling the digital yuan a “potentially fatal challenge” to decades of American financial hegemony. “As China moves closer to rolling out the world’s first major sovereign digital currency, speculation over the global implications has reached a fever pitch.

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