China is considering launching an exchange for digital assets in the capital Beijing, in a bid to champion the adoption of the digital yuan.
China’s cabinet has reportedly asked the country’s institutional banks to create the necessary infrastructure to support the trials for CBDC.
Beijing is seen to be ramping up efforts to nationalize the crypto industry after banning private crypto firms. The country’s Ministry of Industry and IT and the Office of the Central Cyberspace Affairs Commission issued a guide on blockchain development at the beginning of the year.
China’s National Development and Reform Commission has added cryptocurrency mining to its blacklist from getting any foreign investments.
The second-largest economy has been pushing for the digital yuan project since 2014, encouraging merchants and consumers to adopt it, despite the low drive. A wider rollout is expected next year during the Beijing winter Olympics.