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Chinese state-owned bank releases test app for central bank’s digital currency

Chinese state-owned bank releases test app for central bank’s digital currency

A Chinese state-owned bank seems to have launched a cellular test app that helps the People’s Bank of China (PBOC)’s digital currency challenge.

An online hyperlink obtained by The Block directs customers to obtain a funds app issued by the Agricultural Bank of China, as a dialogue field within the net hyperlink exhibits.

The app shows a number of options associated to the brand new digital currency, together with digital currency alternate, pockets administration, transaction monitoring, and connecting different wallets. 

These options, nonetheless, look like unavailable to most of the people for now. When The Block tried to register an account within the app to analyze these options, the system stated that an account can’t be created as a result of the non-public info offered doesn’t match with the “white list” – possible a listing of accepted customers for the test. 

The new app will possible be accessible through 4 cities’ native branches of the Agricultural Bank of China, together with Shenzhen, Xiong’An, Chengdu, and Suzhou.

 

As The Block reported in December 2019, PBOC had partnered with seven state-owned corporations, together with 4 business banks and three telecom giants, to test the brand new digital currency. The Agricultural Bank of China was one of many corporations tasked with working the pilot program. 

In January, the central bank made a number of extra feedback on the digital currency initiative, saying that it was “progressing smoothly” and the “top-level” design had been accomplished

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