Chinese Citizens Can Now Apply for the Digital Yuan Wallet Through 6 State-Owned Banks

Tokenization Jan 11, 2023 0 76 Add to Reading List

Following the interview with Ma Changchun, the head of the People’s Bank of China-run Digital Currency Research Institute, a recent report indicates that residents from Beijing and Shanghai can now apply for a digital yuan wallet. According to the report, six different Chinese banks will participate in the process.

Beijing and Shanghai Residents Can Apply to Test the Digital Yuan Wallet

A recent report published by China’s Securities Times, explains that residents from China are now able to apply for the digital yuan wallet. The wallet is compatible with the People’s Bank of China’s digital currency project.

The report indicates that residents who live in Shanghai and Beijing can now apply for the wallet through six state-owned financial institutions.

The regional report also says that the banks involved with the digital wallet application procedure include the Agricultural Bank of China, Bank of Communications, Bank of China, Bank of Communications, China Construction Bank, and the Postal Savings Bank of China.

6 State-Owned Banks to Start Whitelisting Clients at Certain Branches

The central bank digital currency (CBDC) also known as “DCEP” has already started to see acceptance from various merchants in China.

Individuals can spend the digital yuan at vending machines in the Shanghai subway and the Xujiahui shopping center as well. Huijin department stores are also accepting the People’s Bank of China’s CBDC.

Internet platforms have also been experimenting with the digital yuan with platforms such as Meituan. After various tests throughout the past year, China’s central bank approved the six banks to start whitelisting clients at certain branches.

The Securities Times’ report also details that interested users can simply scan a QR code to access the application link to apply for the CBDC wallet. The guidelines also say that customers can bundle their bank card funds into the wallet too. The digital yuan wallet has a maximum payment limit of 1,000 yuan per day and customers can upgrade for higher payment tiers.