Beijing's mayor said the capital will hasten development of "demonstration zones" for fintech and professional services over 2021. That effort will include promoting a pilot application for the CBDC, officially called Digital Currency Electronic Payment (DCEP).

Shanghai's mayor made a similar pledge to promote the digital currency, per the report.

Shenzhen has just announced its third trial of DCEP, allowing the public to get their hands on the electronic cash via lottery-like giveaways.


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