November 17 2019
The People’s Bank of China (PBOC) revealed that a new regulatory pilot program will be launched in three provinces to limit the size of unregistered cash transactions in the country. It is observed that the regulation came when the Chinese authorities wanted to prepare to release their own digital currency.
The new regulation of the People’s Bank of China (PBOC) for testing will start in 3 provinces which are Hebei, Zhejiang and Shenzhen.
And will test for more than 2 years. In this regulation there will be a limit to the amount of money that can be withdrawn without registration. For businesses, it will be limited to $ 71,000 and for personal spending will be limited to $ 15,000 – 60,000.