Cryptocurrency, Economy, News & Updates

China’s State-owned Bank ‘briefly’ activated Digital Wallet

One of China’s most prominent banks opened up registration for wallets in central bank utilizing digital currency. There were 4 levels of the wallet, according to the announcement. Customers were surprised when the bank took the service down after a couple of hours.

The Launch of China’s Digital Yuan

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

The bank’s user agreement clarifies that the features provided by the digital yuan wallet includes different type of payment options, fund transfer, and a credit card recharge option. The news source also elaborated, adding that there are 4 levels of the digital yuan wallet with different balance and payment limits set dependent on each user accounts.

Screenshots of the CCB’s digital Yuan 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.

As per the Chinese news source, the 2nd digital yuan wallet level has a yearly acquired payment limit of 300,000 yuan, the third 50,000 yuan, and the fourth 10,000 yuan.

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

Unfortunately, the CCB’s digital Yuan wallet launch did not last long. 

Numerous people told Caixin news a few hours later that the wallet was “quietly closed again,” with communication roughly translated as:

“the service has not officially launched externally, so stay tuned.” 

Although, the publication stated that many Wechat users were able to sign up for the wallet during the few hours it was open, and they posted screenshots of wallet activation and recharge pages.

The Chinese government earlier revealed that the country’s four central state-run banks had started the large-scale internal trial of the digital renminbi wallet. Aside from China Construction Bank, Bank of China, Industrial and Commercial Bank of China, and Agricultural Bank of China are conducting the digital renminbi pilot with the central bank in specific regions.

The pilot is set to begin in even more cities, including Beijing, Hong Kong, and as far as Macau. The digital yuan will also be tested at the 2022 Winter Olympics games in Beijing. CCTV announced on Thursday that in Suzhou, some government authorities had received part of their salaries in digital Yuan.

Leave a Comment

Leave a Reply