China announces major expansion of digital yuan trials

Beijing has announced it is launching a major expansion of trails to test a digital version of its yuan currency. China's ministry of commerce said on Friday the new digital currency, known as DC/EP, or digital currency/electric payment, would be trialed in cities across the country's most-developed regions. The new cryptocurrency, which is being developed in partnership with the People's Bank of China, would remain under the governance of the Chinese central bank, and would be an alternative to the yuan, the government said.  Pilots of the cryptocurrency are already underway in Sh...