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China’s Banks Testing Wallet For Digital Yuan

Bank of China (Courtesy: gfmag.com)

China has been on the forefront in developing their digital currency. To further extend the use of digital currency, a group of commercial banks, which are operated by state, are conducting large number of tests on a digital wallet which is designed for their national currency.

Reuters, in its report, said that the banks are testing the wallet application to transfer money and make payments in China’s central bank digital currency, or CBDC. As reported, the development was initially revealed to China’s state-backed newspaper the 21st Century Business Herald by several employees at involved state banks in cities including Shenzhen.

It comes as another milestone for China who have been constantly working on their digital currency projects. The PBoC reportedly said that China should actively promote the development of the digital yuan as part of its top priorities for the second half of 2020.

China is one of the most strict countries in terms of digital currency. But it is leading by example in terms of developing the digital national currency.

The nation has also been progressing with its CBDC, which refers to digital currency electronic payment. China successfully piloted the project in four cities including Shenzhen, Chengdu, Suzhou and Xiongan.

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