(no subject)

[timelets]

BEIJING—China’s central bank has introduced a homegrown digital currency across four cities as part of a pilot program, marking a milestone on the path toward the first electronic payment system by a major central bank.

Internal tests of the digital currency are being conducted in four large cities around China—Shenzhen, Suzhou, Chengdu and Xiong’an, a satellite city of Beijing—to improve the currency’s functionality, the digital currency research institute under the People’s Bank of China confirmed Monday, in response to a request for comment.

https://www.wsj.com/articles/china-rolls-out-pilot-test-of-digital-currency-11587385339

Remarkably, the Chinese government did a full 180-degree turn on digital currencies. A complete transition to digital coins would be a major 21st century socioeconomic development accelerated by the pandemic.