Chinese State Bank Tests Digital Yuan Based Application

15.04.2020 / Payment system news

The State Bank of China Agricultural Bank of China (ABC) has begun testing an application developed on the basis of the national cryptocurrency being created. Studies are conducted as part of a pilot program initiated by the regulator. Currently, Xunan, Suzhou, Chengdu and Shenzhen are test sites.

With the help of development, users will have the opportunity to make transactions and payments using a QR code, convert cryptocurrencies, and also track changes in their personal wallet.

It is worth noting that earlier the country’s authorities noted that the national cryptocurrency will use the advantages of cryptography and distributed registry technology, and will be able to give a number of advantages to the country’s financial system, for example, reduced costs, speed and security of transfers. Experts believe that in this way officials want only to tighten control over the movement of money of their citizens.