As many as eight commercial Chinese banks are already operating on their ‘Digital Yuan’ wallets or banking platforms that can interoperate with the token, with banking groups outside the “big four” also set to distribute their smartphone-based system.
The country’s four biggest banks, the state-owned quartet of the Industrial & Commercial Bank of China, the China Construction Bank, the Agricultural Bank of China, and the Bank of China, have all been actively working with the central People’s Bank of China (PBoC) on the digital fiat rollout for over a year at least.
Locals who have taken part in the soft launch for the digital currency have thus far been given the choice of obtaining their handouts and payments in one of the four existing “big four” smartphone wallets.
Earlier this month, Cryptonetwork.News reported on an offline, smartphone-free “hard” wallet resembles a conventional credit card – the brainchild of the Postal Savings Bank of China.
As claimed from a report from Tencent’s media arm, the Postal Savings Bank is also developing its smartphone app wallet, parallel with the “hard” card offering.
The bank, which is majority-owned by the Chinese postal service, practices banking solutions for small and medium businesses, rural communities, and low-income customers.
The same news media source added that the Bank of Communications, China’s fifth-biggest bank, is also working on its wallet for the digital yuan.
Screenshots posted online by users who have received digital yuan funds in the most current handouts show that “big four” apps offer interoperability solutions that link existing digital yuan wallets with the banking platforms of both the Postal Savings Bank and the Bank of Communications, as well as two other banks – the corporate-owned China Merchants Bank and the Hong Kong-based China CITIC Bank, the seventh-biggest lending bank in the Middle Kingdom.
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