China plans to launch its own digital currency: Report

China plans to launch its own digital currency to stay ahead of the global competition with its central bank approving proposals to conduct trials in some cities, official media here reported on Tuesday.

China’s central bank – the People’s Bank of China (PBC) – has stepped up efforts to roll out its Digital Currency Electronic Payment (DCEP) as it seeks to stay ahead of the competition among central banks around the world and help preserve financial sovereignty, state-run Global Times reported.

The bank is set to conduct trials of the digital currency in cities such as tech hub Shenzhen in the country’s southern Guangdong Province, it said.

The initial test, set at the end of this month in Shenzhen, will involve some of the largest banks in the country and telecom carriers, the Times reported, quoting the Caijing Magazine.