Major Chinese Bank Launches Central Bank Digital Currency Wallet Briefly

One of China’s biggest banks recently opened up registration for wallets using the country’s central bank-backed digital currency. There are four levels of the wallet, according to reports. However, the bank took the offer down a few hours later.

China’s Digital Currency Wallet Launch

China Construction Bank (CCB), one of the country’s largest state-owned banks, reportedly launched a digital renminbi wallet in its official app Saturday, Sina reported citing a 21st Century Business Herald reporter. Users in the areas where the digital yuan is being tested, such as those in Shenzhen, reportedly could register for the wallet.

The bank’s user agreement explains that the services provided by the digital renminbi wallet include payment, redemption, transfer, and credit card recharge, the publication detailed, adding that there are four levels of the digital renminbi wallet with varying balance and payment limits.

Screenshots of the CCB’s digital renminbi wallet, courtesy of 21st Century Business Herald. This wallet management screen shows the wallet ID, current balance, a balance limit of 500,000 yuan ($72,829), a single payment limit of 50,000 yuan, a daily cumulative payment limit of 100,000 yuan, and an annual cumulative payment limit of 500,000 yuan.

According to the publication, the second digital renminbi wallet level has an annual cumulative payment limit of 300,000 yuan, the third 50,000 yuan, and the fourth 10,000 yuan.

The bank issues each wallet with a unique identification number linked to the customer’s information, including their name, password, mobile phone number, email address, customer number, and bank card number, the news outlet noted.

The CCB’s digital renminbi wallet launch did not last long, however. Several people told Caixin publication a few hours later that the wallet was “quietly closed again,” with a message roughly translated as: “the service has not officially launched externally, so stay tuned.” Nonetheless, the publication reported that many Wechat users were able to sign up for the wallet during the few hours it was available and they posted screenshots of wallet activation and recharge pages.

The Chinese government previously explained that the country’s four major state-run banks had started large-scale internal testing of the digital renminbi wallet. Besides China Construction Bank, Bank of China, Industrial and Commercial Bank of China, and Agricultural Bank of China are piloting the digital renminbi with the central bank in major cities.

Trials are set to begin in even more cities, including Beijing, Hong Kong, and Macau. The digital yuan will also be tested at the 2022 Winter Olympics games in Beijing. CCTV reported on Thursday that in Suzhou, some government officials have received part of their salaries in digital currency.

What do you think about China’s central bank digital currency? Let us know in the comments section below.

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