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China’s Central Bank to Lead The First Real-World Pilot of Digital Yuan:


China is at last planning to conduct the first real-world test of its central bank digital currency (CBDC),in recent reports. 
a local news outlet Caijing on Dec. 9-2019, the initial pilot for the central bank digital currency (CBDC) is set for the city of Shenzhen before Dec. 31, 
Under the auspices of China’s central bank, the People’s Bank of China (PBoC), four major banks and major economic participants such as China Telecom will test digital currency payments. 
“Next step will be to rationally select the pilot verification area, the scenario and service scope, and steadily promote the introduction and application of digital form of fiat currency,” Caijing explains.
“Compared with the previous pilot, this time the central bank's legal digital currency pilot will go out of the central bank system and enter real service scenarios such as transportation, education, and medical treatment, reaching C-end users and generating frequent applications.”
In Shenzhen, the People’s Bank of China is encouraging what it describes as a “horse race” each bank will manage the digital currency differently, competing against each other in order to secure its model’s wider adoption in the future.
It added that other locales could be included in the testing, but the exact details remain unspecified. 
The People’s Bank of China (PBoC) The First Central Bank To Issue Yaun Digital Currency?
The development will make the the People’s Bank of China, the world’s first central bank to issue a digital currency, on China’s efforts to embrace financial technology in recent times. 
Cointelegraph reports that the currency itself has been under development for several years, and was already at an advanced stage when Beijing officially endorsed the use of blockchain technology in October.
Criticism of the CBDC plans meanwhile continues, within the community of crypto enthusiast.
However its a welcome development to the blockchain community 

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