![]() There are no self-custody apps that anyone can put out there to connect to the system as is the case with bitcoin.Īs commercial banks control the public app, you’d think digital yuan can’t get out of the banking system, but this is digital cash in as far as this is digital reserve money, something that until now the public has not had access to, only cash. Now there’s the potential for a decoupling between the app, which one can consider as the equivalent of a bank account, and the contents of the app which can move in a somewhat peer to peer manner.Ĭommercial banks maintain a key role in as far as they provide to the public access to the app, and they also have the privilege of converting say cash to digital yuan or vice versa. The likes of WeChat in the analogue system have to interface with commercial banks. “WeChat and Alipay are financial infrastructures and wallets, while digital yuan is the content of the wallet,” said Mu Changchun, director of the Digital Currency Research Institute at the People’s Bank of China late last year. The Arrival of Digital Reserve Moneyĭigital yuan is not a bank account, but M0 reserve fiat legal tender money issued by China’s central bank through a two tier system.Īt the first tier the central bank issues the currency through what some are describing as ‘giant apps’ accessible only by commercial banks participating in what is still a pilot, although the list is constantly being expanding to include Alipay and the like. Generally speaking, you can pass the review within two working days,” a Bank of China staff member said. This is only being tested, but in the future e-cny can be bought at these smart terminals which presumably will also provide other basic services.įor now, “you can apply at business outlets in pilot cities. The Shanghai branch of the Industrial and Commercial Bank of China is trailing a smart terminal for opening a digital yuan wallet. Customers can open hardware wallets or software wallets by opening an account in the terminal. ![]() ![]() The hardware wallet can be recharged through the soft wallet,” said booth staff of China’s Bank of Communications. “Currently, the hardware wallet is an application linked to the digital yuan soft wallet. ![]() That’s both through the usual Near Field Communication (NFC) technology, but also quite interestingly they can handle offline QR code payments. Some of these hardware wallets can process offline payments. ![]()
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