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