An exciting update has just been provided by the People’s Bank of China’s head, Ma Changchun. Ma Changchun is currently heading the Digital Currency Research Institute that is run by the People’s Bank of China. Changchun has revealed that Chinese citizens can now apply for the digital yuan wallet.
Changchun revealed this information during an interview with one of the local media networks. He stated that the citizens of Shanghai and Beijing now have the option of applying for the digital yuan wallet. He also revealed that as of now six different banks from China have agreed to participate in the program.
Therefore, the residents from Beijing and Shanghai who wish to test the digital yuan wallet and learn a thing or two about the project can acquire the digital yuan wallet.
Furthermore, another local news reporting source “Securities Times” has confirmed the above-mentioned information. The source has confirmed that the residents in China can apply for the digital yuan wallet application. The application has been set up by the People’s Bank of China and is compatible with their digital currency project.
There are currently six different institutes owned by the state that are part of the project and more are expected to join the program in the coming months.
The six state-owned institutions include the Postal Savings Bank of China, China Construction Bank, Bank of Communications, Bank of China, Commercial Bank of China, and Agricultural Bank of China.
It has been confirmed that in the early stages of the testing, all six banks will not be providing the services through all of their branches. It has been confirmed that all six banks will handpick the branches and will be whitelisting particular customers whom they will issue the digital yuan wallets.
The best thing about the digital yuan is that the digital yuan (DCEP) has already started receiving very positive reviews. Out of all the sectors, the major sector that has happily DCEP is the merchants’ sector in China. They have reported that the Chinese citizens having digital yuan access are very happy about the service.
It has been confirmed by the People’s Bank of China that the Shanghai subway’s vending machines now have the ability to accept digital yuan. Apart from that, the users can also use the digital yuan at the Xujiahui shopping center that is located in Shanghai.
In addition to the above, the department stores from Hujin are also accepting the digital yuan that has been launched by the People’s Bank of China.
There are several internet platforms in China that have also started doing tests on the digital yuan. One such platform is Meituan, which is currently experimenting on the digital yuan and share its findings with the development teams.