China Introduces New Feature For Digital Yuan

Suzat

January 11, 2021 2:41 pm

3163 Total Views

The People’s Bank of China (PBoC) has launched a physical card-wallet initiative to test its digital yuan. Coffee shop staff in a Shanghai-based university hospital was chosen as participants in the pilot.

As per the report published by Tencent News, employees at Shanghai Jiao Tong University School of Medicine’s Tongren Hospital used the digital yuan token to pay for food. They used a point-of-sale device and a physical card with a small screen in the top right corner.

This is how the digital card looks like:

A photo featured in Tencent’s article also shows a hospital staff member holding a card with 144.75 yuan on it and three offline payments available. The recent feature allows people to pay or accept e-CNY transfers without Wi-Fi or a mobile network connection.

The card shows how much digital yuan remains in the wallet. Local media reports declare that the Postal Savings Bank of China is in charge of providing technical support. The “hard wallet” allows staff to buy products such as a cup of coffee or snacks.

According to the recent report, Twenty million yuan ($3 million) in China’s central bank cryptocurrency was given away to 100,000 people in the country’s largest test of the digital yuan. The crypto was accepted at 100,000 stores, including one of China’s largest online retailers, JD.com.

Suzhou city, located west of Shanghai, rolled out 20 million yuan in the country’s central bank digital currency (CBDC) to 100,000 residents, as per the recent post by the Suzhou municipal government. The digital yuan is officially known as the Digital Currency Electronic Payment (DCEP). 

The South China Morning Post stated:

“A total of 100,000 digital red packets, each containing 200 yuan, will be distributed to residents on December 11, the eve of the so-called Double Twelve shopping festival. They will be valid until December 27.” 

No Comments