After the interview with Ma Changchun, head of the Digital Currency Research Institute run by the People’s Bank of China, a recent report indicates that residents of Beijing and Shanghai can now apply for a digital wallet in yuan. According to the report, six different Chinese banks will participate in the process.
Beijing and Shanghai residents can apply to test the Yuan digital wallet
A recent report published by the Securities Times of China explains that Chinese residents can now apply for the digital yuan wallet. The wallet is compatible with the People’s Bank of China digital currency project.
The report indicates that residents who live in Shanghai and Beijing can now apply for the wallet through six state-owned financial institutions.
The regional report also says that banks involved in the digital wallet application procedure include the Agricultural Bank of China, Bank of Communications, Bank of China, Bank of Communications, Construction Bank of China and Postal Savings Bank of China.
Six state-owned banks will start whitelisting customers at certain branches
The central bank’s digital currency (CBDC) also known as “DCEP” has already begun to see acceptance by several traders in China.
People can spend the digital yuan on vending machines on the Shanghai subway and the Xujiahui shopping center. Huijin department stores are also accepting the CBDC of the People’s Bank of China.
Internet platforms have also been experimenting with the digital yuan with platforms like Meituan. After several tests over the past year, China’s central bank has approved the six banks to start whitelisting customers at certain branches.
The Securities Times report also details that interested users can simply scan a QR code to access the application’s link to request the CBDC wallet. The guidelines also say that customers can also group their bank card funds into the wallet. The digital yuan wallet has a maximum payment limit of 1,000 yuan per day and customers can upgrade to higher payment levels.
What do you think about the Chinese residents of Beijing and Shanghai being able to apply for the yuan’s digital wallet? Let us know what you think about this subject in the comments section below.
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