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Crypto Yuan potentially will be launched in May 2020

The digital currency (CryptoYuan) of China will initially appear in Suzhou region for the government workers who will receive 50% of the payments in the new asset for the transport subsidies due to them.

4 state banks will be involved in the issue of CryptoYuan:

  • Industrial and Commercial Bank of China
  • China Construction Bank
  • Agricultural Bank of China
  • Industrial and Commercial Bank of China

The authorities have already obliged participants in the pilot program to conclude contracts for the issuance of Crypto-Yuan for their employees with the aforementioned banks. And employees need to get themselves special digital wallets to receive a new currency.

Note that China is accelerating its development in the field of blockchain and digital currency (Crypto Yuan).

Yesterday it became known that the national blockchain platform will be launched on April 25 – this will accelerate and reduce the cost of the transition of local businesses to new technology.

In addition, one of the state banks participating in the creation of the national digital currency has released a test mobile application with the associated use of CryptoYuan.

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