In the last few days there has been a significant increase in the debate on the Chinese national crypto project. It began with a leak of a screenshot showing an app labeled with the Chinese Agricultural Bank (ABC) logo. The app shown was a wallet for the DCEP Digital Currency Project of the People’s Bank of China (PBOC).
But another leaked image and local media reports revealed more about China’s attempts to test the national digital currency.
Not only Chinese Agricultural Bank is testing DCEP
Agricultural Bank is not the only financial institution involved in ongoing DCEP tests. The figure below shows an application running on an Apple device bearing the logo of the Bank of China – another state bank in the country.
Visually, the wallet is very similar to the leaked images of the ABC wallet. BlockBeats claims the photo is from a source from Suzhou, a city near Shanghai, which is reportedly one of the PBOC test sites.
Breaking：After Agriculture Bank of China testing #China Central Bank Digiral Currency #DCEP wallet, another pic shows that Bank of China is testing also!
— BlockBeats (@BlockBeatsChina) April 16, 2020
BANK OF CHINA guys!
Source from Suzhou, one of the four #DCEP pilot areas, proved that they do will apply DCEP services. pic.twitter.com/8QxILysvW6
A few hours after the image began to spread, reports from local Chinese media confirmed the existence of an upcoming PBOC digital currency test by Chinese banks that have been working on for years.
All Suzhou government employees will have to withdraw their wallets from ABC, Bank of China and two other state banks in the coming days. In May, DCEP will be distributed to everyone, with the amount they receive corresponds to 50 percent of their transport subsidy.
It is also discussed that the digital currency will soon be introduced in three other regions. Shenzhen, Xiong’an and Chengdu, as these locations were found in the segments of the ABC wallet application.
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