The PBoC has been pushing for hardware applications of the digital yuan.
The digital cedi will be tested with banks, payment-service providers, merchants, consumers and other stakeholders.
The pilot program was originally supposed to launch in May, but was delayed for unspecified reasons.
This risk lies in banking customers moving the funds from checking accounts to a CBDC account, eroding commercial banks' funding base.
According to director João Manoel Pinho de Mello, central bank digital currencies can expand financial inclusion and reduce the cost and time of cross-border transactions.
Introducing a digital euro would represent a "fundamental shift" in the eurozone's financial architecture, Governor Gabriel Makhlouf noted.
The second largest U.S. bank said that the rise of CBDCs was "inevitable."
Eesti Pank found a blockchain-based solution could support an almost unlimited numbers of payments being processed at the same time.
Deputy Governor T. Rabi Sankar said a CBDC would reduce the use of cash and protect citizens from the volatility of cryptocurrencies.
The institute will be used to develop applications of the technology in an effort to boost security for China's central bank digital currency.
The authors argue a central bank digital currency will likely be positive for Canadians, breaking monopolies in big tech and traditional finance.
The old-guard financial industry is aware of the competitive threat from decentralized finance, but it's not moving fast enough to catch up.
If you're going to warn people about stablecoins by citing 19th century history, you should at least include the full record, says our columnist.