Reports of an upcoming Chinese CBDC, or ”digital yuan”, have been circulating for over a year. Now, however, it seems as if it might soon become reality. In fact, screenshots from a ”pilot version” of an official digital yuan wallet application are now making the rounds.
Pictures of Chinese CBDC reportedly wallet leak
These pictures first came to light in a tweet by Ling Zhang, Executive Director of M&A at Binance. The images were first published on April 14th, and were later retweeted by the crypto exchange behemoth’s CEO, Changpeng Zhao.
The screenshots, which are available below, supposedly show a new testing wallet app for the upcoming ”digital yuan”. Moreover, the testing app is said to be available in four select Chinese cities.
According to Zhang, the cities are Shenzhen. Chengdu, Suzhou and Xiongan. Zhang notes that the inclusion of Xiongan is especially notable, seeing as Xiongan is a hot city zone in Beijing’s outskirts. Moreover, Xiongan is a Chinese ”smart city brain project”, a vision of the city of tomorrow.
China is fast-tracking the digital yuan in its ”city of the future”
As a part of this, Xiongan has access to intelligent, cutting-edge technological infrastructure. This includes a 5G network, various types of sensor recognition, access to supercomputing and big data facilities, as well as satellite information services.
What’s more, Xiongan is already drawing attention from Chinese tech giants, including Tencent, JD.com, Alibaba and Baidu.
Moreover, Zhao was positive in his comments regarding the digital yuan testing application. Additionally, Zhao expresses amazement over the pace of China’s ”execution” of rolling out the trial for the CBDC.
CBDCs could massively boost crypt adoption
The rise of CBDCs, or central bank digital currencies, is one of the upcoming trends in the cryptocurrency space. Essentially, a CBDC is an attempt by central banks to take part in the cryptocurrency revolution. However, it is also likely that widespread CBDC rollouts will only further legitimize cryptocurrencies.
China is one of the countries spearheading a CBDC, or a ”digital yuan”. However, previous reports were indicating that China was slowing its development of the Chinese digital currency due to the COVID-19 coronavirus outbreak.
Nevertheless, China is now recovering from its first wave of the pandemic and is reopening its economy. As such, it would seem work on the Chinese CBDC is also resuming. A separate recent report indicates that China was finishing development of the CBDC’s basic functions on March 24th, and is now moving onto drafting laws for its implementation.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.