China’s CBDC project has become much of hype in the cryptocurrency space. After subsiding the effects of Covid-19, the country has already begun its continuing operations and turning the crisis into an opportunity to rule over the cryptocurrency space.
In a race to overpower the acceleration process in regards to neighboring Central Bank Digital projects, China is maintaining speed and has become one step closer.
In the recent updates, China seems to set the test of the country’s central bank digital currency (CBDC) via an app designed by ABC– The Agricultural Bank of China, or AgBank is one of the “Big-four” banks in the People’s Republic of China.
Reportedly, ABC bank has started the process internally to test the interface of China’s (CBDC)- digital Yuan, also referred to as DCEP (digital currency / electronic payment).
The information became viral when a screenshot of the internal test wallet has revealed via social media platforms and cryptocurrency-focused media outlets.
Ling Zhang, Executive Director, M&A/Investment- Global Fiat, at Binance, has tweeted on April 14 about the apparent launch of the testing app.
Later, Binance’s CEO Changpeng Zhao (CZ) tweeted in exclamation and pointed out the execution speed of China’s endeavor on a new testing wallet app for the digital Yuan.
China’s CBDC: DCEP Wallet
Similar information has posted by the Chinese crypto media– CHAIN NEWS. The report shows the image of China’s CBDC internal test wallet (DCEP wallet).
Reportedly, the DCEP wallet is supporting all the vital functions which are essential from the cryptocurrency perspective such as digital asset exchange, digital wallet management, digital currency transaction record query, and wallet attachment.
Moreover, the DCEP wallet also supports essential functions such as code scanning payment, remittance payment, and mobile chip payment.
Four Cities in the Pilot
The external test of China’s central bank’s digital currency would take place in the four major cities- Shenzhen, Chengdu, Suzhou, and Xiongan. The trail app is available to download in these four cities, Zhang noted.
Zhang highlighted “Xiongan” city, which is President Xi Jinping’s dream city, positioned at the outskirts of Beijing- China’s sprawling capital.
Seemingly, Xiongen has become the site of attraction for the top tech giants, including Tencent Group Holding, Baidu, Alibaba Group Holding, and JD.com. President Xi has visited the city twice to check the development progress and called it a “once-in-a-lifetime opportunity.”
Xiongan has highlighted as “smart city brain project,” a smart bustling metropolis that would cover the features of intelligent infrastructure with the help of state-owned and private companies to make it a success. The features such as satellite information services, sensor recognition, a 5G network, supercomputing, and big data facilities, would be a part of Xiongan.
In a report, published on September 16, 2019, while rendering the reference of city authorities the reporter said:
Xiongan is a “high level of intelligence will be put in place in city administration, engineering construction, corporate and social credit systems, public transport and other civil services,” said the statement. “The city will operate a fully-covered and interconnected … system.”