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China Partners With Banks, Telecom Giants To Test Digital Currency

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The People’s Bank of China has partnered with seven state-owned companies, including four banks and three telecom companies, to test its digital currency, The Block reported on Monday.

The central bank is initially testing the digital currency electronic payment (DCEP) project in the cities of Shenzhen and Suzhou, The Block said, citing a report by Beijing-based Caijing magazine.The PBOC is focusing on industries such as transportation, education, commerce, and medical for the pilot program and is encouraging each company to come up with its own implementation strategy, The Block said.

Reported by Benzinga

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