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China is readying a pilot for its CBDC in the capital of Beijing, according to a report from local media outlet Sina on Nov. 9.
- The Beijing Local Financial Supervision and Administration and the Tongzhou District government held a conference where they discussed the implementation of a CBDC pilot for a trade zone in the capital
- A state council document first published on Sep. 21, 2020, shows that the regional bodies are planning to create a digital currency test zone and financial system in the trade zone
- The trade zone will feature a number of new rules and changes including relaxing market access for foreign financial institutions; facilitating cross-border financial services, investment, and financing; and supporting international venture capital, among other things
- The People’s Bank of China (PBoC) will also form a trade finance blockchain standard and work on related use cases
- China is leading the CBDC race, though countries and institutions like France, Australia, and the European Central Bank are catching up
- The PBoC airdropped $1.5 million worth of the digital yuan to citizens of the Luoho district, allowing them to spend it at various retailers
