Chinese banks pilot digital yuan at Shanghai department stores
The Bank of Communications and China Construction Bank conducted digital yuan trials at two major department stores in Shanghai. Shanghai’s New World City and New World Daimaru Department Store, and food caterer Taikang Food Store handled thousands of digital yuan transactions over the past weekend, Shanghai Daily reports.As part of the trial, the retailers featured digital yuan payments as part of a sales campaign in conjunction with International Women’s Day. Brand director of Shanghai New World Li Wei said that the firm reached out to commercial banks to offer discounts as part of the....
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Two Chinese banks are expanding their pilot programs for the digital national fiat. The state-owned financial institutions have revealed they are aiming to allow digital yuan holders to acquire investment funds and insurance products using the new currency. Chinese Banks Partner With Fund Managers and Insurers in Search of Digital Yuan Use Cases China Construction Bank (CCB) and Bank of Communications (Bocom), two leading state-run banks, are increasing efforts to find new applications for the central bank digital currency (CBDC) issued by the People’s Bank of China. The lenders....
The “e-CNY (Pilot Version)” app was made available for download in the Chinese Android and Apple app stores on Tuesday. As China’s central bank steps up its effort to create a digital currency, the country has released a pilot edition of its digital yuan wallet application on mobile phone app stores.The People’s Bank of China (PBoC) digital currency research institute developed the “e-CNY (Pilot Version)” app, which was available for download on Chinese Android and Apple app stores on Tuesday in Shanghai.According to a tweet from BlockBeats, a local news source, individual users in China....
The People’s Bank of China (PBoC) have green lighted a physical card-wallet pilot to test its digital yuan. Coffee shop staff in a Shanghai-based university hospital was chosen as participants in the pilot. Wallet Card Can Pay or Accept e-CNY Without Wi-Fi or a Mobile Connection According to Tencent News, staff members 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. The card reveals how much digital yuan remains....
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....
The Chinese government is giving away 15 million yuan in central bank digital currency (CBDC) to 130,000 residents of Shenzhen this Friday. The digital yuan can be used at nearly 5,000 stores with no minimum purchase required.
Digital Yuan Pilot Continues
China’s central bank, the People’s Bank of China (PBOC), continues to test its central bank digital currency (CBDC) with another digital yuan giveaway.
The government of Shenzhen’s Futian district has announced that 15 million yuan ($2.27 million) in digital RMB (e-CNY) will be given to local....