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- According to local media on Thursday, China’s central bank digital currency is reaching an increasing number of customers, as 35 Chinese banks have incorporated digital yuan wallets in their mobile applications, up from the first six
- According to the article, another 94 institutions, including three international banks, want to use a new clearing mechanism to access the digital yuan
- The Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC) are the two financial institutions that support withdrawals and deposits of the two variants of the yuan
According to local media on Thursday, China’s central bank digital currency is reaching an increasing number of customers, as 35 Chinese banks have incorporated digital yuan wallets in their mobile applications, up from the first six. According to the state-owned Shanghai Securities Journal, small and medium-sized banks are preparing to offer e-CNY services to their clients. Joint-stock businesses, metropolitan banks, and several rural credit cooperatives are among the 35. China’s major six state-owned banks were the only ones to test the digital yuan at first.
According to the article, another 94 institutions, including three international banks, want to use a new clearing mechanism to access the digital yuan. City Bank, a private Shanghai-based clearinghouse and technology supplier, created the clearing platform. JD.com, an e-commerce behemoth that has previously participated in and even financed trials, has successfully tested the CBDC for corporate clients on its website, according to local media. The digital yuan trial has been spreading across the country. The People’s Bank of China has stated that it will put it to the test at the 2022 Winter Olympics in Beijing.
The Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC) are the two financial institutions that support withdrawals and deposits of the two variants of the yuan (ABC). ICBC, which has over 3,000 ATMs around China’s capital, is said to be the country’s first bank to provide complete support for digital yuan withdrawals and deposits (also known as Digital Currency Electronic Payment) (DCEP). A CBDC is a government-controlled digital version of a physical currency like the US dollar, Euro, or Chinese yuan (renminbi). The DCEP, unlike the normal yuan, is programmable money. It isn’t built on top of a blockchain. Several nations are experimenting with CBDC, but China is leading the pack. The People’s Bank of China, the county’s central bank, intends to replace currency with the digital yuan.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
