China’s digital currency edges closer with large-scale test by four state-owned banks
- Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China are working with the People’s Bank of China
- Chinese ride-hailing giant Didi Chuxing has already entered into a ‘strategic partnership’ with the central bank over the sovereign digital currency plan
China’s big four state-owned commercial banks have started large-scale internal testing of what would be the world’s first sovereign digital currency, as the launch of the digital yuan appeared to move a step closer, the 21st Century Business Herald reported on Thursday.
The Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China and the Agricultural Bank of China are working on the digital yuan with the central bank in major cities, including Shenzhen, according to the Guangzhou-based newspaper.
Users taking part in the trial can use the app to top up their accounts, withdraw money, make payments and transfer money after registering with their mobile phone number. The banks are also testing a scenario where a user can make a transfer to another account without an internet connection, the newspaper added.
Chinese ride-hailing giant Didi Chuxing also said last month that it has entered into a “strategic partnership” with the central bank over the digital currency plan, officially known as the Digital Currency Electronic Payment service.