Following the interview with Ma Changchun, director of the Digital Currency Research Institute of 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 Try Yuan Digital Wallet
A recent report published by the China Securities Times explains that residents of China can now apply for the digital wallet in yuan. The wallet supports the People’s Bank of China digital currency project.
The report indicates that residents living in Shanghai and Beijing can now apply for the wallet through six state financial institutions.
The regional report also says that banks involved with the digital wallet application procedure include the Agricultural Bank of China, the Bank of Communications, the Bank of China, the Bank of Communications, the Construction Bank of China and the Savings Bank. Postcard from China.
Six State Banks to Begin Whitelisting Customers at Certain Branches
The central bank digital currency (CBDC), also known as “DCEP”, has already started to be accepted by various merchants in China.
People can spend the digital yuan at the vending machines in the Shanghai subway and also at the Xujiahui Mall. Huijin department store is also accepting the CBDC from 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 approved the six banks to begin whitelisting clients from certain branches.
The Securities Times report also details that interested users can simply scan a QR code to access the application link to request the CBDC wallet. The guidelines also say that customers can also pool their bank card funds in their wallet. The yuan digital wallet has a maximum payment limit of 1,000 yuan per day and customers can upgrade for higher payment levels.
What do you think about Chinese residents of Beijing and Shanghai being able to apply for the digital wallet in yuan? Let us know what you think on this topic in the comment section below.
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