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The People's Bank of China (PBOC) has approved some state banks to run trials of its sovereign digital currency, according to several industry insiders, bringing it one step closer to becoming the world’s first major economy to issue its own digital tender.
State banks are conducting internal, hypothetical-use tests of the digital currency as if it were being used in Suzhou, Xiong’an, Chengdu and Shenzhen, according to the reports.
The functions of the pilot digital wallets include conversion between cash and digital money, account-balance check, payment and remittance, they said . . .
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