Chinese State-Owned Bank Releases Test App for Pboc’s Digital Currency

Francisco Memoria

The Agricultural Bank of China, one of the country’s four state-owned banking giants, appears to have release a mobile app supporting the People’s Bank of China (PBoC) digital currency, the DECP.

The app itself appears to include several features related to the digital currency, including QR codes, a digital currency exchange, options to send and receive transactions touching other users’ phones, and wallet management options.

Screenshots of the application developed by the Agricultural Bank of China have been circulating on WeChat, and appear to show there’s already a front-end interface for users to interact with the central bank digital currency.

The move shows the PBoC has been accelerating the development and deployment of the DCEP, a currency central bank official My Changchun has clarified isn’t like bitcoin and will not be used for speculation, nor backed by a basket of currencies.

The testing application is currently available for download on iOS and Android devices, via a site on the domain of the Agricultural Bank of China. It offers users a registration option that currently appears to be locked to the general public, allowing only whitelisted users to complete the registration process.

The registration process, however, shows the application is currently being tested in four Chinese cities: Suzhou, Chengdu, Xiong’An, and Shenzhen. As CryptoGlobe reported, an official has revealed the DCEP will provide users with “controlled anonymity.”

Featured image via Pixabay.