In addition to China’s four major banks working with the country’s central bank to develop digital yuan, there are speculation that eight other commercial banks are working on special wallets and banking platforms that can interact digitally with the yuan. .
To Report Cryptonews, the four largest state-owned banks in China, namely the Industrial & Commercial Bank of China, the China Construction Bank, the Agricultural Bank of China and the Bank of China, which Known as the Big Four, they have been actively cooperating with the People’s Bank of China in the development of digital yuan for at least the past year. Chinese citizens who have participated in digital yuan pilot projects can receive their rewards on one of the mobile wallets of each of the four banks.
Earlier this month, the media reported that the Postal Savings Bank of China had developed an offline, unnecessary smartphone wallet that resembles a regular credit card.
Reports from Tencent’s media arm also show that the Postal Savings Bank has developed an online mobile wallet in addition to the hardware wallet.
The bank, whose majority stake is owned by China Postal Services Company, provides banking solutions to small and medium-sized enterprises, as well as rural communities and low-income customers.
China Telecommunications Bank, which holds the title of the country’s fifth largest bank, is also reportedly working on a special wallet for digital yuan.
A number of Chinese users who have won digital yuan pilot project rewards have shared images of their wallet apps, showing that the wallets have the ability to interact interactively with the banking platforms of the two postal banks, Sivings Bank and China Telecommunication Bank, as well as two other banks. Letters from China Merchants Bank and the Hong Kong branch of China CITIC Bank.