The Industrial and Commercial Bank of China (ICBC) opens up to applications for digital yuan (e-CNY) wallets in Shenzhen

China’s biggest bank is making digital yuan (e-CNY) wallets available to consumers in the southern tech hub of Shenzhen city.

The Shenzhen branch of the Industrial and Commercial Bank of China (ICBC) has opened up to applications from customers seeking to obtain personal digital renminbi wallets, according to a 15 January report from Cailian She.

The move by ICBC’s Shenzhen branch comes just after a 20 million yuan digital renminbi lottery was held in the city’s Futian district on 4 January.

Big state-owned banks Agricultural Bank of China (ABC), ICBC, Bank of China (BOC) and China Construction Bank (CCB) announced in August of 2020 that they had commenced internal testing of digital renminbi wallets.

In December, China’s President Xi Jinping told G20 meeting attendees that the group should adopt an “open and accommodating attitude” on central bank digital currencies (CBDC).

“The G20… needs to discuss developing the standards and principles for CBDC with an open and accommodating attitude, and properly handle all types of risks and challenges while pushing collectively for the development of the international monetary system,” Xi said.

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