Chinese banks are testing digital yuan wallet

  • State Banks in China Testing Wallet for CBDC

  • As part of internal testing, users make transfers and payments

  • Bank of China digital currency launch is getting closer

Chinese banks test digital yuan wallet

International consortium of news organizations developing transparency standards.

State-owned commercial banks conduct large-scale internal testing of wallet app for future digital yuan.

According to Reuters, employees of state-owned banks in several cities in the PRC, including Shenzhen, are conducting internal testing of the application for transferring funds and making payments. Judging by this news, the Celestial Empire is getting closer to launching its own digital currency of the Central Bank (CBDC) .Bills and coins may be a thing of the past due to a new financial instrument – Central Banks Digital Currency (CBDC). As … More).

By the way, China is constantly expanding the list of official participants in large-scale testing of the national digital currency. So, last month, the Central Bank decided to use the country’s largest platform for the wholesale and delivery of products, Meituan Dianping, in this process..

Optimistic forecasts

Everything goes to the fact that the PRC will become the first country whose Central Bank has launched its own digital currency.

In April this year, the Celestial Empire launched a mobile application for testing the CBDC project. Then, screenshots of the interface of this application developed by the Agricultural Bank of China began to actively appear in the WeChat messenger.

Judging by the screenshots that have leaked to the network, the application also has an offline mode in which users can send CBDC with one click of a button with the sender and recipient’s phone number.

Earlier this week, the People’s Bank of China spoke out in favor of actively moving towards a digital currency launch. Other countries are also tackling this issue, testing their digital coins amid the crisis triggered by the coronavirus pandemic. The main competitors of the PRC in an effort to acquire their own CBDC are now Japan and the UK..



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Episode 78: China’s Digital Currency Electronic Payment (DCEP) Dreams

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