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.
Ethereum co-founder Vitalik Buterin has warned crypto executives to switch focus to collective security and…
Binance founder Changpeng Zhao warned in a recent interview with CoinDesk that traditional banks may…
Ripple CEO Bradley Garlinghouse is pushing back against the idea that the company’s growing RLUSD…
According to a recent report from a local Chinese publication, Chinese regulators have moved against…
Wall Street staged a sharp recovery following the U.S. midterm elections, reversing earlier losses as…
ADA continues to gain popularity in tokenized real-world assets and institutional blockchain adoption. Petrobras’ move…