CBDCs: State-managed Bank in China Introduces Test App for National Digital Currency

A state-managed bank in China seems to have launched a mobile-based test app that supports the People’s Bank of China’s (PBOC) virtual currency initiative.

A website link allows users to download a payments app that has been provided by the Agricultural Bank of China (according to a dialog box that appears when installing the program).

The app shows various new features that may come with the newly issued digital currency. These include a virtual currency exchange, wallet management software, transaction monitoring tools, and the ability to link to other online wallets.

But these features don’t seem to be accessible to the general public for now. It may not be possible to create an account via the app at this point, as there’s reportedly a “white list” of approved users that may access the program. Other users may not be allowed to use the app for now.

The newly developed app will most likely be available through the local branches of the Agricultural Bank of China, which has offices in Chengdu, Shenzhen, Suzhou, and Xiong’An.

The PBoC has teamed up with seven state-managed firms, which includes three telecommunications service providers and four commercial banks, in order to test the new virtual currency.

The Agricultural Bank of China will be conducting a pilot program for the national digital currency.

Earlier this year, the Chinese reserve bank revealed that its digital currency project was “progressing smoothly” and the “top-level” design had been finalized.

Other countries have increasingly been considering issuing their own central bank digital currencies (CBDCs), according to a new report.

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