Large Chinese state-owned banks have made it possible for citizens of Shanghai and Beijing to apply for digital yuan.
to the Report “The Block”, with the start of the next phase of China’s national digital currency test, called digital yuan, citizens of selected cities can apply to use this digital currency. Citizens of Beijing and Shanghai can activate their wallets by submitting an application through China’s six largest state-owned banks, according to the Chinese financial magazine Securities Time.
The Commercial Bank of China, the Construction Bank of China, the Agricultural Bank of China, the Post Bank of China and the Communications Bank of China are the six banks where citizens can activate their digital yuan wallets.
The Beijing Business Times also reported on Wednesday that the city’s citizens could activate their wallets through three telecommunications banks and the Post Bank of China.
This stage of the digital yuan test is very important because in the previous stages, citizens could only test the digital yuan wallet by winning the lottery. Now, with the start of the new phase, the Chinese can test this digital currency more actively. Users can use their digital yuan to pay for their goods and services in various centers and stores.
Reports indicate that applications will not be approved automatically and will be reviewed individually by China Central Bank criteria. After confirmation, the applicant will receive a text message explaining how to work with China’s national digital currency system and the wallet download link.
Full name, identification number, phone number, email and job information are among the information required to activate the digital yuan wallet. Entering this information is also subject to scanning the QR code provided by the People’s Bank of China to the public.
An employee of the Beijing Post Bank of China branch said:
Eligibility criteria of the application conditions are the same as before [دشوار] But public participation is possible; Therefore, it can be said that the situation has become easier. With the digitization of the review process, the speed of approval of requests will increase.
Since October last year, Beijing, Shenzhen, Suzhou and Changdu have been planning to test China’s national digital currency.
Although we have not seen a pilot program in Shanghai before, some shopping malls and hospitals support China’s national digital currency, and its citizens can pay for their goods and services using digital yuan.