The CCP’s People’s Bank of China released its new CBDC labeled Digital Currency Electronic Payment “Yuan” (DC/EP).
Account holders in china of major central banks will have the option to open a DC/EP Wallet through the ABC (Agricultural Bank of China) app, and load money onto the wallets balance.
The new digital currency is currently compatible to use in a handful of restaurants (Mcdonalds, Starbucks, etc.) and grocery stores as the countries test pilots its effectiveness. Chinas DC/EP pilot program included plans in the 2022 Winter Olympics in Beijing, which seems to suggest thats this testing pilot is planned to be monitored for at least another two years before anything is officially launched and adopted.
As of Now , the DC/EP is only functioned to design as “cash” or just as the ‘Base Money Supply’ . The Digital Currency issued by the PBOC works exactly the same way as cash would from the reserve of monetary funds ; and is not issued as “credit” in any form.
Other countries besides China such as Russia, EU, Australia, United States and many more are racing to explore the potential benefits from deploying there own type of CBDC. All this at the same time helping to expedite forward the Great Reset coordinated by the WEF and their board of chairmen.
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