Skip to main content

Major Chinese Bank Launches Central Bank Digital Currency Wallet Briefly

Major Chinese Bank Launches Central Bank Digital Currency Wallet Briefly

One of China’s biggest banks recently opened up registration for wallets using the country’s central bank-backed digital currency. There are four levels of the wallet, according to reports. However, the bank took the offer down a few hours later.

China’s Digital Currency Wallet Launch

China Construction Bank (CCB), one of the country’s largest state-owned banks, reportedly launched a digital renminbi wallet in its official app Saturday, Sina reported citing a 21st Century Business Herald reporter. Users in the areas where the digital yuan is being tested, such as those in Shenzhen, reportedly could register for the wallet.

The bank’s user agreement explains that the services provided by the digital renminbi wallet include payment, redemption, transfer, and credit card recharge, the publication detailed, adding that there are four levels of the digital renminbi wallet with varying balance and payment limits.

Major Chinese Bank Launches Central Bank Digital Currency Wallet Briefly
Screenshots of the CCB’s digital renminbi wallet, courtesy of 21st Century Business Herald. This wallet management screen shows the wallet ID, current balance, a balance limit of 500,000 yuan ($72,829), a single payment limit of 50,000 yuan, a daily cumulative payment limit of 100,000 yuan, and an annual cumulative payment limit of 500,000 yuan.

According to the publication, the second digital renminbi wallet level has an annual cumulative payment limit of 300,000 yuan, the third 50,000 yuan, and the fourth 10,000 yuan.

The bank issues each wallet with a unique identification number linked to the customer’s information, including their name, password, mobile phone number, email address, customer number, and bank card number, the news outlet noted.

The CCB’s digital renminbi wallet launch did not last long, however. Several people told Caixin publication a few hours later that the wallet was “quietly closed again,” with a message roughly translated as: “the service has not officially launched externally, so stay tuned.” Nonetheless, the publication reported that many Wechat users were able to sign up for the wallet during the few hours it was available and they posted screenshots of wallet activation and recharge pages.

The Chinese government previously explained that the country’s four major state-run banks had started large-scale internal testing of the digital renminbi wallet. Besides China Construction Bank, Bank of China, Industrial and Commercial Bank of China, and Agricultural Bank of China are piloting the digital renminbi with the central bank in major cities.

Trials are set to begin in even more cities, including Beijing, Hong Kong, and Macau. The digital yuan will also be tested at the 2022 Winter Olympics games in Beijing. CCTV reported on Thursday that in Suzhou, some government officials have received part of their salaries in digital currency.

What do you think about China’s central bank digital currency? Let us know in the comments section below.

The post Major Chinese Bank Launches Central Bank Digital Currency Wallet Briefly appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/3ltKuLR
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more