Copy link
Increase text size
Decrease text size
Link copied

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 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.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.05.12 16:01:38
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more me on whatsapp :+12067425358 happy new year to you all .,..............................
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $13,094.80 (-0.31%)
  • Ethereum (ETH) $409.18 (-1.08%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $271.89 (-0.89%)
  • Chainlink (LINK) $12.33 (-2.76%)
  • Bitcoin (BTC) $13,094.80 (-0.31%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.