The 21st Century Business Herald reported that China is conducting large-scale internal testing of a digital wallet application at four major state-run commercial banks: the Industrial and Commercial Bank of China, the Bank of Agriculture, the Bank of China, and China Construction Bank.
Banking sources said that, in early August, employees at these banks in Shenzhen started internally testing the app to transfer money and make payments. Other banking sources said that tests involve payments of CCP membership dues, union fees, and other expenses. Tests are being conducted at their institutions. While tests are primarily conducted in Shenzhen, the app is not available for public download.
To register the app, one needs to open a digital wallet in the four major banks. The digital wallets are linked to the individual’s bank accounts and one can recharge funds into the wallet using online banking or credit cards.
On August 3, 2020, the central bank, the People’s Bank of China (PBOC), said the country should actively and steadily promote the development of a state digital currency. PBOC has led the development of the digital currency in an effort to promote the RMB as an international currency and to reduce dependence on the U.S. dollar. The digital currency is still in the internal R&D and testing stage under high confidentiality. There is little information about a launch timetable.
Source: Sina.com, August 5, 2020