A group of government-run Chinese banks began conducting large-scale domestictesting a digital wallet for the Chinese national cryptocurrency.
According to Reuters on August 5, banks are testing an application for making payments in China's Central Bank Digital Currency (CBDC).
On August 3, the People's Bank of China said China should continue to push the development of digital currencies as one of its top priorities for the second half of 2020.
And although China is one of the most stringentcountries, when it comes to cryptocurrency regulation, it is also leading the way in developing its own digital currency. In April, the developers conducted successful pilot projects in four cities across the country.
Recall that last month the Supreme CourtChina has published documents in support of strengthening the protection of virtual property and storage facilities. The government has also released a guide to blockchain technology.
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Based on materialscointelegraph.com
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