Four of China’s big state-owned banks have commenced testing of an app for use with the country’s new central bank digital currency (CBDC), according to a 6 August report from 21st Century Business Herald.
Banks participating in the tests include Agricultural Bank of China (ABC), ICBC, Bank of China (BOC) and China Construction Bank (CCB).
The testing has been ongoing for the past several months, with some bank staff already making use of CBDC for purposes including account transfers and payment of party and union membership fees.
Major Chinese commercial banks in Shenzhen, South China’s Guangdong Province, have started testing the application of the central bank-backed digital currency in recent days among their internal employees, under which the Digital Currency Electronic Payment (DCEP) is used for payments and transfers.
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