An application for the CBDC of China.
Information from a few weeks ago indicated that the People’s Bank of China (PBoC) had completed the development processes for the digital Yuan. PBoC and all project associates were already working to receive the appropriate legislation.
While some speculate that these are just rumors, the new local report says otherwise. He says that the Agricultural Bank of China, one of the country’s largest state-owned banks, has developed a trial version of a mobile application linked to its digital currency.
The report based its findings on an alleged screenshot of an application’s user interface. In the past 24 hours, the image has circulated on the Internet and mainly on Chinese social media.
Several state-owned banks have been testing the sovereign digital currency for months, despite the delay caused by the COVID-19 outbreak.
The anonymous source confirmed the nature of the screenshot, saying, “This leak offers the first look at what China’s digital currency looks like to the general public.”
However, he also explained that all tests “must be confidential at this stage”.
Neither the country’s central bank nor the Agricultural Bank of China released details about the exact purpose of the application at the time of writing this document.
The application features
Despite the banks’ lack of confirmation, the report described several basic functions visible in the screenshot. For starters, the app appears to be operating similarly to other online payment platforms, such as Alibaba’s Alipay and Tencent’s WeChat Pay.
It also illustrates a feature called “tap and tap”. It allows two people who use the app at the same time to simply touch their mobile devices and perform a money transfer immediately.
The trial version of the app lacks additional add-ons popular with China’s online payment services. This includes the ability to purchase travel and entertainment tickets, pay utility bills and even borrow small amounts of money.