China Opens Digital RMB Whitelist for Ten Million Citizens
Although the Chinese government has banned the mining of cryptocurrencies, it has not abandoned the idea of introducing its own. Further evidence is that they have issued a 10 million name whitelist that will allow the digital yuan to be used as currency. This step is aimed at testing and identifying problems that may affect the operation of the system. All of this is needed to fund and release the digital yuan for the 2022 Winter Olympics in Beijing.
Digital Yuan Open Whitelist
The Chinese government is expanding testing of its CDBC. According to an employee at the People’s Bank of China, he opened a whitelist for further experiments with the digital yuan. Citizens interested in participating in this initiative can request their inclusion in this new trial phase at selected state-owned banks. Fan Yifei, deputy chairman of the People’s Bank of China, said more than ten million citizens have already been whitelisted.
The exact principle of the distribution of the digital version of the yuan has not been disclosed, as well as the selection of people to the trusted list. Earlier, the yuan has already been tested in several cities, but this is only a small part of the total mass and it is not enough for the public acceptance of this currency.
Fan Yifei, Deputy Governor of the People’s Bank of China, said:
“We have confidence that we will continue to increase the volume of testing.”
Although a few days earlier Fan expressed his opinion on bitcoin, in which he said that bitcoin and stablecoins are
“Speculative assets that threaten the security of the financial system and social stability”
Testing is gaining momentum
This whitelisting program is just the latest in a phase by the People’s Bank of China. Earlier last month, Beijing and Shanghai began handing out red envelopes with digital yuan to their citizens. The two cities will distribute over 500,000 red envelopes. However, these tests may not get the attention the government wants. According to some reports, people are hesitant to switch from known payment methods to the digital yuan.
As a result, the Chinese government is moving to clean houses. The ban on mining and trading cryptocurrency is now in effect in several key provinces. Yunnan, Sichuan, Qinghai and Inner Mongolia expelled miners from their territories. This led to a massive mining exodus that is affecting the Bitcoin blockchain. In addition, the government has spoken out against established cryptocurrency companies. This is the case of Beijing Qudao Cultural Development, which was shut down for alleged involvement in providing software to facilitate cryptocurrency transactions. Follow all the news with us. We publish only high-quality and interesting material. Thanks for attention. Good luck!