Chinese Citizens Can Now Apply for the Digital Yuan Wallet Through 6 State-Owned Banks

According to an interview with Ma Changchun, director of the Digital Currency Research Institute at the People’s Bank of China, a recent report shows that residents of Beijing and Shanghai can now apply for a digital renminbi wallet. According to the report, six different Chinese banks will be involved.

Residents of Beijing and Shanghai can try out the Yuandigital wallet

According to a recent Securities Times report, Chinese residents can now apply for a digital wallet in RMB. The wallet is compatible with the People’s Bank of China digital currency project.

According to the report, residents of Shanghai and Beijing can now apply for the portfolio at six state financial institutions.

The regional report also said that banks involved in the implementation of the digital portfolio include Agricultural Bank of China, Bank of Communications, Bank of China, China Construction Bank and China Postal Savings Bank.

6 State banks begin to white list customers in some branches

The central bank’s digital currency, also known as DCEP, is already accepted by several traders in China.

Digital yuan can be issued at vending machines in the Shanghai metro and at the Xujiahui shopping mall. The Huijin department store is also home to the CBDC of the People’s Bank of China.

Internet platforms like Meituan are also experimenting with digital yuan. After conducting several tests over the past year, China’s central bank has authorized six banks to whitelist customers at certain branches.

The Securities Times report also states that interested users can simply scan the QR code to access the app’s link to the CBDC’s portfolio. The guide also states that customers can also place their bank card balances in a wallet. The RMB digital wallet has a maximum payment limit of RMB 1,000 per day, and customers can upgrade to higher payment levels.

What do you think about the fact that Chinese people in Beijing and Shanghai can apply for a digital wallet in RMB? Let us know what you think in the comments below.

Tags in this story

banks, central bank, china, chinese digital currency, chinese banks, chinese cbd, crypto currency, digital currency, digital yuan, digital yuan wallet, PBOC

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frequently asked questions

How to buy RMB digital currency?

Business 2021/02/23 Digital Yuan… Where…

Is China moving to a digital currency?

The Chinese government has taken a big step forward in financial technology and is ready to launch its digital currency, Digital Currency for Electronic Payments (DCEP or Digital Yuan).

Is the digital yuan a blockchain?

No. Bitcoin is a so-called decentralized crypto currency. This means that it is not controlled by a central authority such as a central bank, unlike the digital yuan, which is issued by the PBOC. Bitcoin is also based on a technology called blockchain.

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