One of the main banks in China, China Construction Bank (CCB), launched the digital wallet of its own CBDC. It should be noted that, although the bank was very discreet, its users noticed immediately. As a result, the new service received great attention.
According to the agreement between the user and the bank, the services provided by the digital wallet in renminbi include payment, exchange, transfer and credit card recharge. In addition, there are four levels of the digital wallet, with variable balance and payment limits.
At the same time, the CCB renminbi wallet screen displays the wallet id and current balance. Additionally, a balance limit of 500,000 yuan, a one-time payment limit of 50,000 yuan, a daily accumulated payment limit of 100,000 yuan, and an annual cumulative payment limit of 500,000 yuan.
Similarly, the second level of the renminbi digital wallet has an annual cumulative payment limit of 300,000 yuan, the third 50,000 yuan and the fourth 10,000 yuan.
Basically, the bank issues each digital wallet of its CBDC with a unique identification number, linked to customer information. Including your name, password, mobile phone number, email address, customer number, and bank card number.
Launch of your CBDC digital wallet
It is true that, around noon on August 29, local time, users of China Construction Bank (CCB), one of the largest state banks in the country, noticed that their bank’s mobile application had a new function, a wallet for the CBDC.
In these circumstances, some users managed to carry out small amounts of transactions, linking their CCB bank accounts with the digital wallet.
However, hours later, the in-app feature was disabled, due to the great attention it received.
As a result, it was reported that many Wechat users were able to sign up for the wallet. All this during the few hours that it was available. They also published screenshots of the activation and recharge pages of the wallet.
The digital wallet was disabled
Notably, after the show became a sensation in the country, the bank decided to deactivate it.
It should be noted that any user who tries to search for the wallet, within the CCB mobile application, will be led to a message indicating: «This feature is not yet officially available to the public. Please wait patiently«.
But even though it was disabled, its brief appearance has revealed that banks are cautiously implementing it. In preparation to adopt the digital yuan, also known as DCEP.
Other banks that are testing the digital wallet
In addition to the Construction Bank of China, the Bank of China, the Industrial and Commercial Bank of China and the Agricultural Bank of China, are testing in major cities, the digital renminbi with the central bank.
Similarly, testing is scheduled to begin in even more cities, including Beijing, Hong Kong and Macao. The digital yuan will also be tested at the 2022 Winter Olympics in Beijing.
It should be noted that, in Suzhou, some government officials have received part of their salaries in digital currency.
About, Yi gang, Governor of the People’s Bank of China (PBOC) said:
“The central bank’s digital currency leads to improving security and accelerating the development of the country’s digital economy.”
If this China Construction Bank test means the digital yuan is closer to seeing the light, only time will tell. What do you think about it? Leave us your opinion in the comment box.
I say goodbye but not before leaving you this phrase from Peter Ferdinand Drucker: “Innovating is finding new or improved uses for the resources we already have”.