China's digital yuan trials reportedly limited to small retail transactions

Cointelegraph

Published Aug 24, 2020 06:09AM ET

Updated Aug 25, 2020 05:20AM ET

The People’s Bank of China (PBoC) announced that the test run of its central bank digital currency is currently limited to small retail transactions.

According to the Global Times on Aug. 24, the central bank has clarified some details regarding the recent digital yuan — also known as digital currency electronic payment, or DCEP — in order to address rumors regarding the scale and scope of recent pilot projects.

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