Users of China Construction Bank (CCB) can use the DC/EP wallet feature that was available inside the bank’s mobile app
According to the tweet from local media outlet 8BTC, the China Construction Bank (CCB) has allowed customers to register their wallets to use DC/EP (digital currency electronic payment) via CCB mobile app.
China Construction Bank (CCB) has opened digital RMB wallet registration, and users can now apply for digital RMB wallet by searching for “digital currency” on CCB App.The wallet currently supports bank card recharge, QR code collection and payment, as well as transfers. #CBDC pic.twitter.com/P3LLlSJJ4D
— 8BTCnews (@btcinchina) August 29, 2020
Any customer of China Construction Bank can download CCB mobile app and apply to DC/EP wallet
As a first step, the client is required to make a “digital currency” search and submit a DC/EP wallet application. The user can then use the wallet to top up a bank card, pay via QR code and transfer.
About two weeks ago, a representative from the Chinese Ministry of Commerce announced that the DC/EP trials would be deployed in major cities located in the best-developed regions of the country. Among them are Hong Kong, Beijing, Macau, etc.
The representative of the ministry added:
“If the poorer regions of China can meet the necessary conditions, they can also join testing the Chinese CBDC (an abbreviation for a central bank digital currency).”
In addition, users could also send and receive digital yuan to each other by putting in either their unique wallet ID addresses or an associated mobile phone number. The ministry intends to finish trials by the end of the year.
In the past, some crypto influencers, such as Anthony Pompliano and Ripple’s Joint Council, Stuart Alderoty, have stated that unless the US launches digital USD soon, they risk losing a “war cold competition” for financial technology entered the hands of China.
In an interview with CNBC, Anthony Pompliano said that the US could lose its technological lead (which it gained thanks to the Internet’s appearance) to China if it fails to respond to DCEP with a digital dollar as quickly as possible.
Under the direction of the PBoC, the big-four Chinese state-owned commercial banks have been developing their respective digital yuan wallets and running internal tests with selected users and merchants in the country. It remains to be seen when these banks will officially open up the services to the public and whether the wallets will enable more applications that can use the digital currency.
The PBoC is also working with DiDi Chuxing and other internet-based services to apply digital yuan into more payment scenarios.
Read more:
- China’s DC/EP Has Entered Its Next Phase Of Testing At It Nears Release
- The People’s Bank Of China Is Planning To Put Digital Yuan To Use At The 2022 Winter Olympic Games In Beijing