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At the end of May 2020, the People’s Bank of China (PBOC) Governor Yi Gang disclosed the latest progress on digital RMB. Top-level design, standardisation, research and development and joint trials have been completed based on the ideas of a hybrid model, digital currency as a complement to M0 (physical bank notes and coins in circulation) and controlled anonymity. Internal beta testing of digital RMB has also been piloted in various cities, to assess theoretical reliability, stability of the system, availability of functions, convenience of procedures, applicability of scenarios and controllability of risks.
