It is said that the Chinese island province of Hainan will pilot the digital yuan between April 12-25.

 

New preparation

China’s branch of the Hainan Industrial and Commercial Bank, the Haikou branch of the People’s Bank of China and the municipal government of the city of Sansha will run the pilot, the 21st Century Business Herald reported on Wednesday.

In particular, the test will be held on Yongxing Island in Sansha City to encourage the use of digital yuan.

Participants will receive a 99 yuan ($ 15) discount for every 100 yuan of shopping on the island, including spending at supermarkets, hotels and restaurants.

The Hainan test is part of the second city group to pilot the central bank digital currency. Other cities testing the digital yuan in this tier include Shanghai and Changsha.

The cities of Qingdao, Dalian and Xi’an are also part of the second batch and are expected to try out the digital yuan in the coming months.

Among the first cities to test the digital currency are Shenzhen, Beijing, Suzhou, and Chengdu.

With increasing pilots, China is approaching the launch of the digital yuan, which it began researching and developing six years ago.

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