The Central Bank Digital Currency project is progressing steadily, with closed testing ongoing in multiple regions.

Recently, the Central Bank Digital Currency Research Institute disclosed the latest progress of digital RMB. The institute stated that the information circulating online regarding DC/EP is only related to the testing content of the technical development phase and does not represent that digital RMB has officially been put into use. The ongoing closed testing will not affect the normal operations of the listed institutions, nor will it have any impact on the RMB issuance and circulation system, financial markets, and social economy outside the testing scope.

It is reported that the research and development of the Digital RMB is steadily advancing. Under the principles of dual-layer operation, M0 substitution, and controllable anonymity, the Digital RMB system has basically completed key stages such as top-level design, standard setting, function development, and joint debugging. Adhering to the principles of stability, safety, controllability, innovation, and practicality, the Digital RMB is currently undergoing internal closed pilot tests in regions such as Shenzhen, Suzhou, Xiong'an, Chengdu, and future Winter Olympic scenarios, aiming to continuously optimize and improve its functions.

This series of tests and optimizations reflects the Central Bank's cautious attitude and pursuit of excellence towards the Digital Money project. By conducting closed testing in multiple cities and scenarios, a comprehensive assessment of the performance of Digital Money in different environments can be made, preparing for potential large-scale promotion in the future. At the same time, this cautious approach also helps ensure the security and stability of the Digital Money system, minimizing potential risks.

With the rapid development of the digital economy, the launch of the Digital Currency will bring new opportunities and challenges to China's financial technology sector. It could not only change people's payment habits but also have a profound impact on the implementation of monetary policy and the way financial regulation is conducted. Therefore, the Central Bank's gradual approach reflects both a pursuit of innovation and a high regard for financial stability.