{"id":27031,"date":"2020-08-08T19:37:26","date_gmt":"2020-08-08T16:37:26","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=27031"},"modified":"2025-08-26T18:17:30","modified_gmt":"2025-08-26T15:17:30","slug":"media-four-chinese-state-owned-banks-confirm-they-are-testing-cbdc-wallets","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-four-chinese-state-owned-banks-confirm-they-are-testing-cbdc-wallets\/","title":{"rendered":"Media: Four Chinese state-owned banks confirm they are testing CBDC wallets"},"content":{"rendered":"<p>Several large state-owned commercial banks in China are taking part in large-scale tests of the central bank digital currency (DCEP) payment system. This was reported by <a href=\\\"https:\/\/news.8btc.com\/four-chinese-state-owned-banks-confirm-theyre-testing-cbdc-digital-wallets\\\">8btc<\/a>, citing local media.<!--more--><\/p>\n<p>The most extensive testing is taking place in Shenzhen. It has been ongoing for several weeks and is part of preparations for the official launch of the central bank&#8217;s digital currency.<\/p>\n<p>A representative of one of the banks explained that the &#8220;Digital Yuan&#8221; app is not yet available to the general public \u2014 an identification code is required to download it.<\/p>\n<p>The development of the DCEP is led by the People&#8217;s Bank of China, but the applications and services for the digital currency are being developed by commercial banks. The &#8220;Digital Yuan&#8221; was developed jointly by Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, and China Construction Bank.<\/p>\n<p>After the full launch, the app will allow users to deposit and withdraw funds; make transfers, including transfers by mobile number only; and pay for purchases and make payments using QR codes.<\/p>\n<p>Users will need to open a digital wallet in one of the four banks, linked to their account. This will allow fiat deposits and withdrawals.<\/p>\n<p>Earlier, it was reported that testing of the DCEP began in May with the payment of transport subsidies to Shenzhen, Suzhou, Chengdu and Xunyang officials.<\/p>\n<p>In the same month, a video appeared online showing the proposed conversion of yuan into its digital version for the developing payment system.<\/p>\n<p>Earlier, the central bank had enlisted more than 20 companies in real-world DCEP trials.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\\\"https:\/\/t.me\/forklogfeed\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">ForkLog Feed<\/a> \u2014 the full feed of news, <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Several large state-owned commercial banks in China are taking part in large-scale tests of the central bank digital currency (DCEP) payment system, 8btc reports citing local media.<\/p>\n","protected":false},"author":1,"featured_media":27032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,133],"class_list":["post-27031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-china"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=27031"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27031\/revisions"}],"predecessor-version":[{"id":27033,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27031\/revisions\/27033"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/27032"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=27031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=27031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=27031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}