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China is testing cryptocurrency while the US sleeps (Full show)

China will test its cryptocurrency ...

China will test its cryptocurrency on the largest grocery chain
CONTENT

  • China is actively expanding the list of participants in testing its own “cryptocurrency”.

  • The choice fell on companies whose daily turnover exceeds billions of dollars.

  • Perhaps the Chinese authorities are rushing to introduce their own digital currency due to impending US sanctions.

International consortium of news organizations developing transparency standards.

China expands the list of official participants in large-scale testing of the national digital currency.

China will test its cryptocurrency ...

The People’s Bank of China will test its digital currency at China’s largest wholesale and delivery marketplace Meituan Dianping.

This is reported by Bloomberg, citing knowledgeable sources.

As noted by Bloomberg, Meituan Dianping is in talks with the research department of the People’s Bank of China on the practical application of the central bank’s digital currency, also known as the Digital Currency of Electronic Payments (DCEP)..

However, the details of cooperation between the largest food supplier and the central bank of China have yet to be finalized, sources close to the negotiations noted..

Earlier it became known that the Chinese analogue of Uber called Didi Chuxing also joined the testing of the Chinese state “cryptocurrency”.

Didi Chuxing and Meituan Dianping chose multi-billion dollar daily transaction volumes, which will significantly accelerate digital currency adoption.

It is noted that the research department of the People’s Bank of China is also in talks about testing the CEEC with Bilibili Inc., a large Chinese video hosting site, but the details of the negotiations are still unknown..

China will test its cryptocurrency ...

Capitalist digitalization

Despite the fast pace of China in introducing a national digital currency, the PRC authorities are still categorically against the circulation of private cryptocurrencies in the country..

Recently, Chinese law enforcement agencies confiscated about $ 15 million from cryptocurrency fraudsters, as well as luxury cars and villas worth about $ 2.15 million..

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The PRC authorities have also strengthened financial control over the circulation of traditional funds in the country against the background of the launch of the CEEC.

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Starting in July, Hebei financial institutions track any cash transactions over 100,000 RMB (~ $ 14,100) and report them to the country’s central bank.

Be in time before sanctions

The situation with financial monitoring is intensifying even against the background of fierce relations between the United States and China due to the situation around Hong Kong..

US Secretary of State Mike Pompeo has already said that the US presidential administration “wanted to preserve freedoms in Hong Kong,” but if it fails, the US will force the Chinese authorities to “answer for this.”.

China will test its cryptocurrency ...

In recent days, there have been more and more threats about the introduction of new US sanctions against China. Chinese banks may fall under the restrictions, which could provoke a major currency conflict with the world’s third largest economy.

The final launch of the CEEC is tentatively scheduled for the 2022 Winter Olympics to be held in Beijing.

What do you think? Will China be able to bypass US sanctions with a national cryptocurrency? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

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