China is currently conducting several tests involving its digital RMB. One such test almost caused a ruckus, yet the potential damage has been contained. Users could suddenly download the DCEP wallet for the digital yuan, but the page was removed quickly.
A Digital Yuan Wallet?
For a while now, Chinese banks and financial service providers have been exploring the government’s digital currency. Creating a digital yuan can introduce many different benefits over time. Before this can happen, however, the versatility of the concept and its underpinning technology needs to be examined closely.
To do so, the participating partners are trying a variety of things. One such venture focuses on creating a customer-oriented digital wallet. All of a sudden, this wallet service became publicly accessible. Not the way things should be happening, yet the page is no longer accessible.
It did not take long for the public to jump on this opportunity. After all, a lot of people are curious to see if this digital yuan is a worthwhile effort. Unfortunately, they are no step closer to figuring this out under the current market conditions. A lot of aspects regarding this currency will remain unknown factors for some time to come.
What is interesting is how CCB clients could link their bank account in the wallet. This seems to indicate obtaining the digital yuan will be rather straightforward. Making this currency easy to obtain is a crucial step toward unlocking its full potential. Moreover, it also seems that this currency will be known as “DCEP”, although the explanation behind this acronym remains unclear.
Other Notable Features
Despite yanking the wallet offline pretty quickly, some other interesting data has come to light. The DCEP project has native support for QR codes, a functionality found in most cryptocurrencies for several years now. Given the current payment landscape in China and Asia, QR codes have become incredibly popular.
China Construction Bank (CCB) has opened digital RMB wallet registration, and users can now apply for digital RMB wallet by searching for "digital currency" on CCB App.The wallet currently supports bank card recharge, QR code collection and payment, as well as transfers. #CBDC pic.twitter.com/P3LLlSJJ4D
— 8BTCnews (@btcinchina) August 29, 2020
Secondly, it will be possible to “recharge a bank card” through this digital yuan wallet. What that means exactly, remains a subject of debate. It is possible that DCEP will be supported as a balance on bank cards. Another option is using it to pay off credit card bills, for example. There’s plenty of speculation, and very few answers at this time.