Major Chinese commercial banks in Shenzhen, South China’s Guangdong Province, have started testing the application of the central bank-backed digital currency in recent days among their internal employees, under which the Digital Currency Electronic Payment (DCEP) is used for payments and transfers.
Employees at those banks can download a digital wallet app named “digital RMB” for the digital currency’s closed trial, and each digital wallet account has a corresponding code that is linked to the employee’s identity.
The banks enlisted in the test include the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank.
Users can top up the digital wallet by online banking or by using their bank card. So far, the app is not available for public downloads.
The application of DCEP in the tests includes topping-up, withdrawing deposits, transferring payments and paying by QR code, although tests for the last function are rare due to limited consumption scenarios.
In particular, the digital currency’s payment transfer can be completed only by typing the telephone number of the recipient, and employees are also testing the function without network support.
- 8-14-20 China will launch RMB digital currency pilot projects in the Beijing-Tianjin-Hebei region, Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area, and some areas in central and western regions, according to a notice issued by China’s Ministry of Commerce on Friday.
