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China’s central bank digital currency wallet's first look unveiled

Fri, 17 Apr 2020, 01:40 am UTC

China has been working on its central bank digital currency (CBDC) and a screenshot of its online wallet is making the rounds online.

Ledger Insights shared a snap of how China’s CBDC wallet looks like. The wallet referred to as Agricultural Bank of China (ABC) is also called DCEP (digital currency/electronic payment).

According to the publication, there was a link to the abchina.com website, but it has since been deleted. It also included WeBank, the sister company of WeChat Pay, which is thought to be participating on its test.

Based on the screenshot, it offers four payment options – scanning a barcode, sending money, collecting payment, and touching phones for peer-to-peer (P2P) payments. In terms of wallet management, users can manage funds, link wallet to other accounts, and review all transactions.

Four months ago, there were reports claiming that CBDC pilots would be starting. Four state banks and three telecom companies including Huawei were said to be part of the trial.

In March, it was reported that China was a step closer to releasing its own CBDC because it completed all the basic functions. The People’s Bank of China (PBC) worked with private companies to accomplish it.

Third-party mobile and online payment platform Alipay was believed to be one of the companies that worked with China for the digital currency. At the time, it reportedly publicized five patents related to the country’s CBDC.

“Judging from the patents, the first step of technological development has been basically completed,” an industry insider said.

The insider added that the next phase will be taking longer because it involves more people. The central bank will be working with other banks and insurance regulators, so there is still no date as to when DCEP will officially launch.

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