The Chinese digital dragon spreads its wings as plans move along

According to the People's Bank of China governor, Yi Gang, things are moving as planned.

So far, some two billion yuan, roughly $300 million, has been circulated online and transacted, a new report by Bloomberg has outlined.

Growth for digital currency seems to be going strong in the country and contactless payment remains a preferred way of securing transactions, especially now that the coronavirus infection is hanging over the well-being of consumers.

Fintech companies also show some strengths over commercial banks allowing the empowerment of a digital currency on a large scale.

Several cities now are part of the mass testing of digital currencies in China, including Shenzhen, Chengdu, Suzhou and Xiongan.

The report follows up on news in October by the PBoC which claimed that the country has processed $162 million in transactions between April and August, referring to the digital yuan.

Emboldened by the positive reception by authorities and consumers, many tech firms are now hoping that the digital yuan would be integrated into the country's financial system more permanently.

Meanwhile, websites such as Bitcasino.io, 1xBit, and FortuneJack are already allowing digital currencies to be used on their websites.

However, they may not operate in China where the government prohibits all forms of gambling.

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Written by David

Co-founder

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.