The tests of the People's Bank of China (PBOC) digital currency attracted a lot of attention, so the bank clarified some aspects of crypto-Yuan operation.
Yesterday, a representative of the NBK said that testing of the national digital currency will be held in the cities of Shenzhen, Suzhou, Syungan district and the area where the Winter Olympics will be held. However, the digital yuan has not yet been released to the general public:
"The digital yuan is currently undergoing a closed test and will not affect commercial operations or registered organizations. Nor will it affect the release of the renminbi, the circulation system, financial markets or the economy outside the test program.
To exclude the impact of the digital currency test on the renminbi, commercial entities purchasing the digital renminbi must transfer the same amount in regular renminbi to a special account with the NBK. Only then will the NBK release the required amount of government crypt currency, which will be credited to the buyer's wallet. Of course, for the buyer, all this procedure will go quickly and discreetly.
Interestingly, the NBK assumes that the digital yuan can be transmitted even without the Internet in case the network of national cryptovalue is unavailable.
"In case the network is unavailable, if two mobile phones with installed national crypt-currency wallet applications can interact (e.g. via NFC), payment in the digital yuan will be made," the bank says.
The national crypt currency is not tied to a specific bank or account, but is provided with local currency. According to the NBK representative, there is no significant difference between the fiat and digital yuan, and compared to the bitcoin digital yuan "is characterized by stability.
It was recently reported that Suzhou city officials will receive payments relying on transportation costs in the national crypt currency.
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