China CBDC Leak Shows Alleged Video of RMB to Digital Yuan Conversion

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In Brief
  • Some users are allegedly already able to convert RMB to digital yuan.

  • China's CBDC may come earlier than expected.

  • The DC/EP project could see digital yuan facilitating a larger volume of international transactions.

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A leaked video has reportedly emerged in China showing the conversion of renminbi (RMB) into digital yuan for use in the country’s proposed digital currency electronic payment (DC/EP) project.

According to a tweet by Chinese crypto news outlet 8BTCNews, the video appeared on WeChat.

It shows a user reportedly transferring 50 RMB from a checking account into 50 units of the digital yuan and transferring the same amount to a DC/EP wallet likely developed by the Agricultural Bank of China (ABC).

As previously reported by BeInCrypto, leaked images from mid-April showed an alleged DC/EP wallet app designed by the ABC already being tested. Major fast food and restaurant franchises like Subway and McDonald’s are also reportedly involved in testing China’s central bank digital currency (CBDC) in the city of Xiongan.

Bank China Bond Yuan

According to an earlier report, China’s planned CBDC might see an accelerated release. Inside sources say authorities in Beijing may fast-track issuance of the digital yuan to facilitate post-COVID-19 stimulus payments. However, Yi Gang told Global Times on Wednesday that no official timetable for the DC/EP launch exists.

Pundits say China’s planned CBDC could improve the use of the yuan in international transactions. Back in November 2019, the former head of the country’s central bank outlined potential use cases for the DC/EP project including retail payments and interbank settlements.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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