China opens digital yuan whitelist for 10 million citizens
The government of China is expanding the testing of its CDBC. Citizens interested in being part of this initiative can request their inclusion in this new trial phase at selected state banks.
According to a spoke person from People’s Bank of China, the bank has opened a whitelist to further experiment with the digital yuan.
More than 10 million citizens are already on this whitelist, said Fan Yifei, deputy governor of the People’s Bank of China.
However, the scope of this test and how digital yuan will be distributed is not clarified. While the digital yuan has been tested in several cities, its acceptance is still far from being ubiquitous.
Additionally, China is increasing users and currency in these tests, intending for the digital yuan to be used within Winter Olympics.
Earlier last month, Beijing and Shanghai started giving away red envelopes of digital yuan to their citizens. Both the cities will give out more than 500,000 red envelopes.
Although these tests might not be getting all the attention the government wants as people are hesitant to switch from known payment methods to the digital yuan.
The government of China is also taking action against the crypto sector and moving to clean house. A ban on cryptocurrency mining and trading is now in effect in several key provinces. Yunan, Sichuan, Qinghai, and Inner Mongolia have ousted miners from their territories. Which resulted in a mining exodus that had a huge impact on the operation of the Bitcoin blockchain.
The government has also taken action against companies involved in the cryptocurrency business.