The development and application of legal digital currencies has also become a major trend in the digital economy era, given the increasing demand for payment security and convenience.

Digital RMB "on the way", pilot programme still “4+1”

In recent years, several countries around the world have been intensifying their research on digital currencies, including China. China's research and development of digital RMB is now being steadily progressed.

Recently, The Ministry of Commerce of China announced the Circular on Issuing the Overall Programme for Comprehensively Deepening the Pilot Programme for the Innovative Development of Trade in Services, including the announcement of the pilot areas for the digital RMB.

Currently, the digital RMB pilot is still "4+1", i.e., first in Shenzhen, Suzhou, Xiong'an New Area, Chengdu and the future Winter Olympic scene for internal closed pilot test, has not changed. Specialists pointed out that the 28 pilots rumoured on the Internet, such as Beijing, Tianjin, Shanghai, etc., is a comprehensive deepening of the innovative development of trade in services experiment.

What is the digital RMB?

Will cash payment be replaced in the future?

For consumers in China, mobile payments are deeply integrated into our daily lives, and people might wonder: what exactly is the digital RMB? How is it different from the electronic payments we are familiar with? Will cash be replaced in the future?

China’s legal tender digital currency is the People's Bank of China's combination of digital currency and electronic payment tools with the goal of replacing a portion of cash. In simple terms, the People's Bank of China digital currency may be considered as digitised RMB cash.

When will the digital RMB be ready to use?

Although it has entered the pilot test phase, it does not mean that the digital RMB is really ready to be used, before officially put into use, it needs to test the theoretical reliability, system stability, risk controllability and other aspects.

People’s Bank of China has also repeatedly stated that there is no timetable for the launch of the digital yuan. If the pilot test of the digital RMB goes well, it may be possible to "catch a glimpse" at the 2022 Winter Olympics in Beijing.

Cryptocurrencies have become the trend of the future, as can be seen through the attitudes of multiple countries around the world!

El Salvador also will implement cryptocurrency as a national legal tender!

The digitisation of global assets is going to become a general trend, in spite of the fact that there are some countries that currently still claim that they do not accept cryptocurrencies!

QTCPcoin believes that while the Chinese government is vigorously cracking down on the cryptocurrency industry, the issuance of digital RMB is sufficient to demonstrate that the future trend of cryptocurrencies has become unstoppable, which will bring tremendous benefits to the cryptocurrency market in the future!

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