China's Digital Yuan Ready To Launch, 'Pilot' Label Removed

China's Digital Yuan is ready to be launched, the 'Pilot' label is abolished (Photo; Doc. Lavocesociale)

JAKARTA - China's central bank digital currency (CBDC), the digital yuan, seems ready to step onto the world stage. A small but significant change in the digital yuan app The removal of the pilot' label has sparked speculation and anticipation among observers and digital currency users.

This change, which took place without official notification, raises an important question: Is China ready to launch a digital yuan nationally?. Reporting from BitcoinNews, reports from local media show that the name change of this application is in accordance with the requirements described by China's Ministry of Industry and Information Technology in a "cellular Internet Application Registration Notification" issued on July 21, 2023. However, this explanation does not completely ease public curiosity, which sees greater potential behind the change.

Since its launch as a pilot project in 2020, the digital yuan has taken strategic steps to position itself as a viable payment option in China.

Its extensive implementation, ranging from payments for public transportation rates to wage payments, shows China's ambition to integrate CBDC into its citizens' daily lives. In fact, digital yuan has been used as a commodity exchange currency in oil payment transactions.

However, challenges remain, especially in the face of the dominance of established payment applications such as Alipay and WeChat. Successful national launches will require mass adoption, which can be accelerated with government support recognizing digital yuan as legal tender.

The move towards a national launch, if really happened, would be an important moment for China to strengthen its position in the global digital economy. This digital currency not only promises more efficient transactions but also provides the government with greater control over domestic money flows.

Speculation about the launch of digital yuan has sparked various reactions. Some see this as evidence of the readiness of Chinese technology infrastructure, while others are still skeptical about the ability of digital yuan to compete with existing electronic payment tools.

According to the latest data, the digital yuan app has been used by 139 million people, signaling a major step towards the digitalization economy. With expanded access in almost all major cities in China, including Shenzhen, Beijing, and Shanghai, the digital yuan is getting closer to reality.