China’s state-run commercial banks are conducting large-scale internal testing of a digital wallet application in preparation for rolling out a central bank digital currency (CBDC).
Employees at state-run banks in cities including Shenzhen have started internally testing an app that will be used for transferring money and making payments, a Reuters report stated. The trial marks a move closer to the official launch of its CBDC.
China launched an initial mobile application back in April for CBDC project trials. Screenshots purportedly revealing an internal mobile application circulated on WeChat at the time.

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