News Snapshot:
China’s biggest cities are planning to hold pilots to promote the use of the country’s central bank digital currency (CBDC) this year. According to a report form Chinese state media outlet Global Times on Sunday, Beijing’s mayor said the capital will hasten development of “demonstration zones” for fintech and professional services over 2021. That effort will include promoting a pilot application for the CBDC, officially called Digital Currency Electronic Payment (DCEP). Shanghai’s mayor made a similar pledge to promote the digital currency, per the report. In Guangdong Province, authorities are to support Shenzhen’s development as an “innovative pilot zone” for...
