China Construction Bank (CCB), one of the country's largest state-owned banks, launched a digital yuan wallet in its official app on Saturday, Sina reported. Users in areas where the digital yuan is being tested, such as Shenzhen, could register for a wallet in a short time.
The bank's user agreement explains that the services provided by the RMB digital wallet include payment, repayment, transfer and credit card recharge. There are four levels of RMB digital wallet with different balances and payment limits.
The balance limit for "first class people" is set at 500,000 yuan ($ 72,829). A single payment limit of RMB 50,000, a daily cumulative payment limit of RMB 100,000, and an annual cumulative payment limit of RMB 500,000.
The second tier of the yuan digital wallet has an annual cumulative payment limit of 300,000 yuan, the third tier of 50,000 yuan and the fourth tier of 10,000 yuan.
The bank issues each wallet with a unique identification number associated with information about the customer, including his name, password, mobile phone number, email address, customer number and bank card number.
However, the launch of the digital yuan wallet did not last long. A few hours later, the wallet was "quietly closed", with a message roughly translated as: "service not officially launched, stay tuned. “However, many Wechat users were able to install the wallet within a few hours when it was available and they posted screenshots of the wallet activation and deposit pages (picture below).
There is no doubt that the wallet will eventually launch, and this failure was due to purely technical reasons. Another thing is interesting here. Two things can be said for sure. First, China has finally headed for the destruction of the cash yuan in the near future. Second, the appearance of 4 categories of accounts in the very functionality of the wallet will necessarily be associated with the social rating, which is rapidly developing in the country.
Well, and also the maximum amount of $ 72,829 suggests that this digital wallet is a transitional one and was created in order to control the expenses of a wide range of citizens. $ 72K doesn’t buy a good home, or an expensive car, given that this is an annual savings limit. But you still need to live on something.
And this is all clearly a pilot experiment for all central bank cryptocurrencies. And a full scale digital yuan test will be launched in 2022 for the Beijing Winter Olympics.
Obviously, cash is going through its last years in all countries. And the introduction of state cryptocurrencies in tandem with the social credit system will mark the complete end of freedom and the final putting on a digital collar for citizens.
Strategically, only completely private cryptocurrencies like Monero can provide an alternative to the digital collar.