To date, there are already a total of 23 cities and provinces participating in the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. yuan pilot in China. It is expected to reach more places in the near future.
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ElBanco Popular de China (PBoC), the main state entity responsible for the monetary policies of the Asian country, announced that the pilot program for the adoption and use of the digital yuan will be extended to 11 other cities, with which residents can begin to operate with the state cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. through their official wallets.
New cities and provinces join the pilot of digital yuan
This was announced by the PBoC in a recently published statement, which indicates that among the cities that will be part of the pilot are Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, Zhejiang province and Hangzhou, the latter being one of the most important as it will host the Asian Games in September this year.
Although the aforementioned cities will be added gradually, local reports indicate that some residents already had access to digital wallets since last Friday, while for others it will be enabled gradually in the coming days. With these new cities incorporated into the pilot, already in China there are a total of 23 locations where it is possible to operate with the state cryptocurrency.
Some findings
According to the reports issued by the PBoC, the network a network refers to all nodes in the operation of a blockchain at any given moment in time. has so far managed to record peak activity of up to 10,000 transactions per second, but it is expected to see at least 300,000 transactions per second once there is wider adoption.
In terms of capital capital is most commonly defined as the large sum of money you would use to invest. volumes, it is said that to date there are more than USD $13.75 billion in processed transactions. However, there are currently many operational wallets, but of that amount, only a portion would be those that are transacting on a regular basis.
Among the residents of the provinces participating in the pilot, to start operating with the digital yuan it would only be necessary to register and link the wallet a place where cryptocurrency users can store, send and receive digital assets. with a single phone number. At the moment, small transactions are instantaneous, but those that exceed certain limits are subject to KYC ‘Know Your Client’. A procedure when a trading platform or exchange would require you to confirm your identity in order for you to use them. compliance measures, the latter being criticized on the basis of user privacy.
Other countries are exploring this possibility
while the development of the digital yuan continues to move forward in accordance with the Asian government’s plans, other nations are beginning to evaluate much more seriously the possibility of issuing their own digital assets backed by their respective central banks. (CBDC).
Among these, the US stands out, whose government has made announcements in recent months announcing a possible revision of a digital dollar. At the same time, regulations are beginning to be fine-tuned at the state level to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. operations with cryptocurrencies, while the parliaments of each state are taking a much more active role at the legislative level to regulate the use of such assets in their respective jurisdictions.
On the other hand we also have the government of India, which despite all the restrictions and tax considerations that would be applying against the most popular cryptocurrencies, to date is working on a review of the digital rupee.
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Source:BeInCrypto, Reject
Version by Angel Di Matteo / DiarioBitcoin
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