CV-1984: China Rolls Out Test Of Digital Currency In Four Cities, Western Businesses Testing

Sunday, April 26, 2020
By Paul Martin

By Aaron Kesel
AcivistPost.com
APRIL 25, 2020

After the coronavirus caused China to shut down most of its businesses, and cities, the country is now striking back hard by releasing a digital currency and national blockchain.

China’s central bank The People’s Bank Of China, began testing its new digital Yuan’s interface on April 14th with one of its largest banks, the Agricultural Bank of China, rolling out a test UI. Two weeks later, there are reports that a pilot has been launched. Nineteen restaurants and retail establishments including popular Western restaurant chains like Starbucks, McDonald’s and Subway are participating in the test, Bitcoin.com reported. The test run is taking place in at least four cities in China—Shenzhen, Suzhou, Chengdu and Xiong’an, according to China’s central bank which confirmed the test of its new digital Yuan officially called “Digital Currency Electronic Payment (DCEP)” to the Wall Street Journal.

That’s not all, China also launched its Blockchain Service Network (BSN) for domestic and global commercial use. China also announced a 71-person committee for its Blockchain which includes executives from China’s central bank, as well as tech giants Baidu and Tencent, according to an announcement from the country’s Ministry of Industry and Information Technology (MIIT.)

Last year, Max Keiser of the Keiser Report told Kitco News that China was backing the new digital Yuan with gold.

“[China] is rolling out a cryptocurrency, a lot of the details have not been divulged. I can tell you that the cryptocurrency that China’s rolling out will be backed by gold. It’s a two-pronged announcement. Number one, China’s got 20,000 tonnes of gold, number two, we’re rolling out a crypto coin backed by gold, and the dollar is toast,” Keiser told Kitco News.

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