People's Bank of China is ahead in implementing Central Bank Digital Currency (CBDC)

China leads the world in the development of national digital currencies. While other central banks are talking about central bank digital currencies (CBDC), the People’s Bank of China (PBoC) is already trialling its toolkit. Just recently, screenshots emerged of a “digital yuan” interface being piloted at the Agricultural Bank of China (ABC), one of four state-owned banking giants.

That PBoC is first to the CBDC starting line is not surprising. It has been working on the project for six years. Meanwhile, China’s government has made blockchain a national priority in several directions, including the recently launched Blockchain Services Network (BSN), which is now being piloted in Chinese cities and along its “Digital Silk Road” trade routes.

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China leads the world in the development of national digital currencies. While other central banks are talking about central bank digital currencies (CBDC), the People's Bank of China (PBoC) is already trialling its toolkit. Just recently, screenshots emerged of a "digital yuan" interface being piloted at the Agricultural Bank of China (ABC), one of four state-owned banking giants.