Digital Currency Electronic Payment system (DCEP) is getting closer to the final launch. Smart card maker Chutian Dragon and IDEX Biometrics have announced that the companies are working on a card for digital yuan payments. The card will use IDEX Biometrics technology of fingerprint scanning.
Earlier, the Digital Currency Research Institute, run by the People’s Bank of China, stressed that DCEP would not be anonymous. Chutian Dragon is one of the largest smart card manufacturers in Asia and has partnered with the Norwegian provider of advanced fingerprint identification and authentication solutions IDEX Biometrics, which notes that a biometric payment card is essential for the CBDC network:
“For the average person, the new currency means lower bank or transaction charges and greater security from thieves and hackers. Stealing a traceable currency is less appealing than the anonymity of stealing a wallet but still possible – without a biometric payment card.”
IDEX adds that the biometric payment card is smaller and cheaper than a smartphone and does not require a battery.