China’s State Banks Test Digital Wallet App for CBDC Payments

Share Article
In Brief
  • China's state run banks are reportedly testing digital wallet applications for its CBDC.

  • The internal testing of the app allows money transfer and making payments.

  • The testing phase moves China one step closer to being the first to launch an official CBDC.

  • promo

    Want to learn how to trade? Get a beginners guide from _BeInCrypto Academy_ now!

The Trust Project is an international consortium of news organizations building standards of transparency.

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.



The leaked screenshots of the digital Yuan app at the time showed that there would be an “offline mode” included where users would be able to send the CBDC, sometimes referred to as DC/EP, by simply touching the sender’s and receiver’s phones together.

The People’s Bank of China (PBoC) cited on Monday that a key task for the second half of this year will be to actively promote the country’s digital currency developments. The testing of the digital wallet falls in line with the central banks’ decision to speed up the roll-out of its digital currency.

Elsewhere, other nations are also exploring, experimenting, and testing central bank digital currencies amid the COVID-19 crisis.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article

Sujha reports on cryptocurrencies, blockchain developments and markets, operating from the South East Asia timezone. Her work has appeared in CoinDesk, CCN, EconoTimes and Venture Capital Post. She does not currently hold value in any digital currencies. sujhasundar@gmail.com

Follow Author

Trade with the Best Crypto Signals - guaranteed profits with over 70% accuracy

Join now

Want to learn how to trade? Get a beginners guide from BeInCrypto Academy!

Learn now

Bybit Bonus Bash. $1,000 Bonus to be Won!

Join now