PBOC to Trial Central Bank Digital Currency in Shenzhen, Suzhou; Big Four State-owned Banks to Take Part

The People’s Bank of China’s (PBOC) is expected to commence trials of its proposed statutory digital currency in key southern Chinese cities, with the participation of the country’s leading banks and telecoms companies.

According to a report from Caijing the trials of China’s central bank digital currency will take place in locations including Shenzhen and Suzhou, and involve the participation of the big four state-owned banks including Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB) and the Industrial and Commercial Bank of China (ICBC).

China’s big three telecoms giants will also take part, including China Mobile, China Unicom and China Telecom.

The report arrives just after PBOC stepped up its recruitment drive for blockchain developers in Suzhou via its dedicated fintech subsidiary Yangtze Fintech Co. (长三角金融科技有限公司).

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