More details have emerged around China’s central bank digital currency (CBDC) as the Agricultural Bank of China (ABC) released an initial testing interface for an app linked to the token.
The People’s Bank of China has long been drip-feeding snippets of information, but now this is the first concrete piece of evidence to show the research being undertaken. Screenshot images have been posted on Wechat and various outlets have verified the legitimacy.
Access to the testing interface was also available through IOS/Android, or on the ABC site domain but this has since been blocked. The initial look has shown that QR code payments, receiving and sending payments and initiating transactions by touching another user’s phone will all be featured.
Reports have also suggested that DCEP will be initially trialed in four Chinese cities across the country. The rumoured places are Shenzhen, Xiong’an, Chengdu and Suzhou. In the future though, the token could have a more international outlook and be apart of the Belt and Road initiative.
Clearly, the Coronavirus has not halted the research something many believed would happen. Instead, it has seemed to invigorate its process. Just this month, Alipay had released five patents related to the cryptocurrency and 22 other companies of note were associated with its research and implementation.
Last week though, Yao Qian, a Director at the China Securities Regulatory Commission (CSRC) called for competition in the currency field and hoped that China would not suppress any private competition. However, whether this will happen in a country known for centralized control remains to be seen.