China Tests A Mobile App For Digital Currency

After reportedly beginning the journey to recovery amidst the coronavirus pandemic, China seems to be focused on a digital yuan.

Leaked images show a mobile app for digital currency

There are some images of China’s mobile wallet that supports a new digital yuan that are circulating on social media.

They are showing the initial implementation of China’s Digital Currency Electronic payment, DC/EP, supporting a central bank digital currency (CBDC).

The images are showing a test version of a mobile app that has been developed by one of China’s largest state-owned banks, the Agricultural Bank of China.

The Daily Hodl online publication reported that the pilot is being run by a small group of internal users, according to the latest info that they quoted from South China Morning Post.

An anonymous source told SCMP the following:

“It’s supposed to be confidential at this stage. This leak offers the first look into what China’s digital currency may look like for the general public.”

Ling Zhang, executive director of mergers and acquisitions at Binance stated that it  “Seems that testing wallet app is available for download. 4 cities will be available for the trial to begin with, including Shenzhen, Chengdu, Suzhou, and Xiongan. Interesting that Xiongan, the newly state-level new area, is one of the first batch of the trial cities.”

Users can pay merchants for goods

This app will allow users to pay merchants for goods and services by simply scanning a barcode.

They will be able to make peer-to-peer transactions by bumping two phones.

Users will also be able to review transactions, check balances, and transfer and convert fiat yuan from a linked bank account into the digital currency.

Amidst the coronavirus pandemic, there’s been an increased interest in Bitcoin and the digital assets lately, with people turning to Bitcoin and crypto as a safe haven these days.


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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

1951 Articles

Top Exchanges
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CEX.IO

3

Website

Icon
Coinbase

2

Website

Icon
Binance

1

Website

Top Casinos
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7bitcasino

4.20

Website

Icon
BitStarz

4.93

Website

Icon
FortuneJack

4.55

Website

Top Sportsbook
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1xBit

4.03

Website

Icon
Nitrogen Sports

4.73

Website

Icon
SportBet.io

4.60

Website

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