According to Chinese media Bank of China prepares pilot project on their own digital currency in two Chinese financial centres Shenzhen and Suzhou.
Apart from others, financial institutions owned by China will participate in the testing phase for cryptocurrency. Four main commercial banks are being talked about – Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Agricultural Bank of China. Furthermore, three telecommunication companies should join in the pilot project – China Telecom, China Mobile and China Unicom.
The pilot project will work with digital currency as if it was in real life. It will be stimulation, yet based on real payment transactions happening in all branches of national economy. Participating banks will create their own stimulations and evaluate its usage. First testing phase should start until the end of the year. Further phases with wider range are planned for 2020. According to Chinese resources its cryptocurrency should have similar characteristics to Pound, which was announced as cryptocurrency by Facebook some time ago.
