Digital yuan to offer partial anonymity for transactions

The digital yuan is being tested for limited transaction anonymity, with the merchant not shown in the record, according to 8btc.

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The DCEP app, based on the digital yuan, bears little resemblance to similar payment solutions from Alipay and WeChat, the publication notes. But, in addition to lower fees, it includes a bidirectional offline payment feature.

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The option will allow transfers between mobile phones even when there is no Internet access. Existing electronic payment apps in China require at least a connection to the merchant’s network.

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The offline payment feature is not yet available in the DCEP app.

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Earlier in Shenzhen, authorities conducted the first distribution of the digital yuan among residents. Applications for receiving one of the 50,000 submitted ‘red envelopes’ by almost 2 million people.

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