China has launched a preliminary version of the application for working with the digital renminbi.
China, like the United States, understands that innovative changes are occurring in the global financial system that can affect everyone.
After five years of work on the project, the state cryptocurrency has become available to customers of the "white list" of the Agricultural Bank of China in the four pilot districts of Shenzhen, Syungan, Chengdu and Suzhou.
China’s official digital currency, known as Digital Currency Electronic Payment (DCEP), came into the public spotlight last week when a screenshot of a test version of an app developed by the Agricultural Bank of China circulated online.
“While Americans are trying to figure out whether they should wear masks, China is launching revolutionary technology,” wrote Matthew Graham, director of Sino Global Capital. The interface of the application for working with the digital renminbi was first published on its page.
In China over the past 5 years, various types of transactions and blockchains have been tested on various cryptocurrencies.
According to the plan of the Chinese government, the release of cryptocurrency will fully transfer the yuan to the digital plane and oust the dollar from the electronic payment market, which will prevent further dominance of the American currency.
Although the technical details of the digital renminbi have not yet been published, it is known that it will actually be a cryptocurrency. According to the statements of the Research Institute of the People's Bank, the digital renminbi blockchain will differ from well-known cryptocurrencies. The currency is suitable for any financial operations, including small retail, where transaction speed is important.
According to SCMP, China includes McDonald's, Starbucks, Subway in the list of foreign firms for testing digital currency. Here is the link:
The global names will be joined by local hotels, convenience stores, a stuffed bun shop, a bakery, a bookstore and a gym, according to details revealed at a promotional event in the Xiong’an New Area, a city being built south of Beijing, news portal Sina.com reported.
The inclusion of businesses providing everyday goods and services marks an expansion of the PBOC’s testing. It follows a previous disclosure that last week in Suzhou the digital currency was used to pay half public sector workers’ travel subsidies for May.
Judging by the screenshots in the application, four main functions for money transactions are available. Three of them are quite familiar for online banking - this is a transfer by account number, as well as scanning and generating QR codes for payments or transfers.