Chinese banks are preparing for the introduction of the digital yuan

In the past, we have written several articles on the topic of CBDC and its gradual implementation in the real world. Recently, however, we have news from China, which, according to many, is farther from any country in terms of the introduction of the central bank digital currency (CBDC). According to the Securities Daily, several commercial banks that have already begun working with the People’s Bank of China (PBoC) on pilot CNY digital projects are building infrastructure to help them offer a large number of services to the public just after the introduction of the CBDC. It can be clearly predicted that this token will be introduced into everyday life in the capital during the February 2022 Winter Olympics, even though the PBoC refused to issue a precise timetable for the national official launch of this token, with, of course, a large number of critics from around the world. precisely because China will have literally all the information about its citizens.

However, the postal savings bank, which is testing an offline wallet for non-smartphone digital yuan holders, has “created a new department” specifically for CBDC, and although the token is still in a pilot phase, millions of Chinese citizens and companies already have CNY digital wallets active. In the middle of the summer alone, the China Building Bank issued 7.23 million personal wallets, 1.19 million public wallets (for companies and public authorities) and carried out more than 28.45 million transactions worth millions of USD on its platform. Another bank, meanwhile, has opened 1.16 million personal digital wallets, and many more are exploring a range of technological advances related to blockchain technology. As we can see, the implementation of the digital yuan is in full swing in China, and we are really very curious about how it will all turn out.