China Opens Digital Yuan Whitelist To Ten Million Citizens – Bitcoin News

The Chinese government is going one step further with its digital yuan test. Now 10 million users can test and use the currency after applying for a whitelist at selected Landesbanks. This new testing phase aims to identify potential issues in a broader testing environment. China is preparing its user base and digital yuan technology for use in the upcoming 2022 Winter Olympics.

Digital yuan whitelist opened

The Chinese government is expanding the testing of its CDBC. A whitelist has been opened to conduct further experiments with the digital yuan, according to an official from the People’s Bank of China. Interested citizens can apply to selected Landesbanks to be included in this new test phase. More than ten million citizens are already on that whitelist, said Fan Yifei, deputy governor of the People’s Bank of China.

However, the scope of this test and the distribution of the digital yuan are not clear. While the digital yuan has been tested in several cities, its adoption is still far from widespread. China is increasing user and currency volumes in these tests and intends to use the digital yuan at the next Winter Olympics. Fan Yifei said:

We are confident that we will continue to expand the scope of the studies.

Test the ramps up

This whitelisting program is just the latest phase implemented by the People’s Bank of China. Beijing and Shanghai began distributing red envelopes containing digital yuan to their citizens early last month. These two cities will be handing out more than 500,000 red envelopes. However, these tests may not get the attention the government wants. According to reports, people are reluctant to switch to the digital yuan from popular payment methods.

As a consequence, the Chinese government is moving towards clean house. In several important provinces there is now a ban on mining and trading in cryptocurrencies. Yunan, Sichuan, Qinghai and Inner Mongolia have driven miners from their areas. This led to a mining exodus affecting the operation of the Bitcoin blockchain.

The government has also taken action against incumbent companies involved in the cryptocurrency business. Such is the case of Beijing Qudao Cultural Development, a company that was shut down for its alleged involvement in providing software to facilitate cryptocurrency transactions.

What do you think of the expansion of the yuan digital test? Let us know in the comments section below.

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