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The China Construction Bank already runs the alpha version of its DCEP app

China’s digital currency DCEP is currently in the advanced testing phase, with revealed images showing that the China Construction Bank is already running the alpha version of its DCEP application. But now we still do not know when the application will be officially launched.

Alpha version of the first DCEP application in preparation

The first images of the China Construction Bank’s new DCEP mobile application came to the cryptocurrency industry when several images depicting the alpha version of the platform were leaked on Chinese social network. 

Shared by Samson Mow, CSO of Blockstream, the images show the alpha version of the application – the platform has the same layout as simple crypto wallet apps, showing the Yuan balance, along with bar-code scanning and withdrawals placed in the top row.

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The image shows the alpha version of the DCEP app of China Construction Bank | Source: BlockBeats

However, the leaked image has no information about other features of the application. Although it is complicated to verify the authenticity of the image, it is very similar to the DCEP application, which would have been developed by the Agricultural Bank of China. Chinese media site blockchain BlockBeats detect that the first revealed images of the bank’s DCEP began to circulate via WeChat in early March.

According to information shared by Matthew Graham, CEO of Sino Global Capital in April, the application can only be downloaded by those on the government’s white list. The images show that this app is currently in beta, but apart from branding with the Agricultural Bank of China logo, there are no details about its features.

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Images showing the beta version of the Agricultural Bank of China’s DCEP app | Source: BlockBeats

China’s digital currency is becoming a reality

China has been at the forefront of central bank cryptocurrency development (CBDC) since President Xi Jinping announced plans to prioritize blockchain technology development in the coming years. Moreover, this work was intensified when Facebook leaked more information about Libra.

It seems that China is working hard with DCEP because major banks in this country are testing new payment systems. Even, as AZCoin News reported, Starbucks, McDonald, and Subway are expanded among 19 restaurants and retail shops will be involved in testing the digital currency of China’s central bank.

According to the Bank of International Settlements (BIS), the timing of these launches could not be any better.

BIS stated:

“The pandemic may introduced put calls for CBDCs into sharper focus, highlighting the value of having access to unique means of payments, and the need for any means of payments to be resilient against a broad range of threats.”

In early April, the first mobile wallets to support DCEP were also introduced and banks such as the Agricultural Bank of China, Bank of China, the Industrial and Commercial Bank of China, and China Construction bank all tested the digital yuan.

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