Media: Major Chinese bank begins registering wallets for the digital yuan

One of the largest Chinese banks, China Construction Bank (CCB), has opened wallet registrations for the digital yuan, according to 8btc.

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

Users can apply for a digital wallet via the bank’s app.

The service currently supports card top-ups, QR code payments, and transfers.

Testing central bank’s national digital payment system (DCEP) began with transport subsidies to officials in Shenzhen, Suzhou, Chengdu and Xunyang in May.

In the same month, a video appeared online showing the alleged conversion of the yuan into a digital version. According to reports, the app used was developed by the Agricultural Bank of China.

In late July the People’s Bank of China said it had engaged more than 20 companies in real-world testing of DCEP.

In August authorities presented an expanded list of regions that will take part in large-scale trials of the digital yuan. In addition, the PRC Ministry of Commerce announced the expansion of DCEP testing to large commercial transactions.

Earlier, participation in the digital yuan trials was confirmed by all four state-owned major banks — Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China and China Construction Bank.

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