Digital currency research added to scope of China’s Shenzhen Special Economic Zone

Fibo Quantum

The Shenzhen Special Economic Zone will now support the inclusion of digital currency research, according to Chinese media reports. Per the announcement:

“The Central Committee of the Communist Party of China and the State Council will support Shenzhen to build a pilot demonstration zone for socialism with Chinese characteristics. Supporting innovative applications such as digital money research and mobile payment in Shenzhen.”

Since this guideline is issued by the State Council, it is not clear what kind of digital currency research will be carried out by the local government.  

The news comes on the heels of the Chinese government announcing that its central bank digital currency, five years in the making, is nearly ready to be unveiled. Meanwhile, China continues its ban on listings or trading of any digital currency, including bitcoin.