Central Bank clarifies: Digital RMB is still in the testing phase and has not been officially launched.

Recently, the Digital Currency Research Institute of the People's Bank of China stated that the information circulating online regarding the digital renminbi (DC/EP) only pertains to testing content in the technical development stage and does not represent that the digital renminbi has officially been launched for use. The ongoing closed testing will not affect the daily operations of listed institutions, nor will it impact the renminbi circulation system, financial markets, and the overall economy outside the testing scope.

It is reported that the research and development of the Digital Renminbi is progressing in an orderly manner. Under the basic principles of maintaining a dual-layer operation, replacing M0, and controllable anonymity, the top-level design, standard formulation, function development, and system joint debugging of the Digital Renminbi system have been basically completed. Following the principles of stability, safety, controllability, innovation, and practicality, internal closed pilot tests are currently being conducted in Shenzhen, Suzhou, Xiong'an New Area, Chengdu, and future Winter Olympic scenarios, aiming to continuously optimize and improve system functions.

This information release helps to clarify the market's misunderstandings regarding the development process of the Digital Money Renminbi, and also indicates that China has made substantial progress in the research of Central Bank Digital Currency. Although a formal launch will still take some time, this is undoubtedly an important milestone in the development of China's financial technology. In the future, as testing deepens and functionalities are continuously improved, the Digital Money Renminbi is expected to bring revolutionary changes to China's and even the global financial system.