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- People’s Bank of China (PBoC) is actively working with the country’s four biggest banks
- They are trying to roll out the scheme of digital fiat along with offering the option to receive the handouts and payments to the country’s citizens
- Tencent media’s report suggested that Postal Savings Bank is also creating a smartphone app wallet
As per the recent update, eight commercial banks are likely to access their digital yuan wallets or banking platforms. These respective wallets will interoperate with the token. Alongside, the banking groups external to the big four are all set to launch their smartphone-based schemes.
The digital fiat rollout
China’s central bank, the People’s Bank of China (PBoC), is actively working with its four biggest banks.
To name them, the list incorporates the China Construction Bank, the Bank of China, the state-owned quartet of the Industrial & Commercial Bank of China, and the Agricultural Bank of China. They are trying to roll out the scheme of digital fiat. The process has been in action since last year.
They have also offered the choice of collecting the handouts and payments to the citizens of the country. These payments will be associated with one of the four existing big four smartphone wallets. The citizens who will receive this option are the ones who participated in pilots for the digital currency.
A smartphone-free hard wallet
It was reported by a cryptonews.com, that a smartphone-free hard wallet that exists offline and functions as a traditional credit card. The respective report was published at the beginning of the month. This wallet is thus proclaimed as the brainchild of the Postal Savings Bank of China.
However, Tencent media’s report suggested that Postal Savings Bank is also creating a smartphone app wallet. This version will run parallel with the offering of hard cards.
Postal Savings Bank, which represents majority ownership from the Chinese postal service, is an expert in banking solutions for enterprises of all sizes. It also helps rural communities as well as customers with low-income.
The media outlet further added that the Bank of Communications is also planning to launch its wallet for the digital yuan.
The users who have recently collected funds of digital yuan in handouts have posted screenshots online. In these screenshots, there is an emphasis on interoperability solutions. The big four apps will provide for these solutions that will connect previous digital yuan wallets with various banks’ banking portals. The leading names would be the Postal Savings Bank and the Bank of Communications.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
