China’s Central bank (the People’s Bank of China) is developing its plan to launch its own digital currency in two of China’s major cities – in Shenzhen with population of 14 million people and which Is close to Hong Kong and in Suzhou, which is a historical city west of Shanghai.
For the upcoming initial test which the Bank intends to begin this month it will partner with seven state-owned corporations - which four commercial banks and three telecoms: the China Construction Bank, the Industrial and Commercial Bank of China, the Bank of China and the Agricultural Bank of China, along with Alibaba, Tencent and Union Pay.
One hand China condemns foreign cryptocurrencies, but on the other they are quick to launch their own. I am always fascinated by their politics.