China’s largest state-owned commercial banks are testing the CBDC digital wallet

China’s major state-owned banks are testing their digital wallet app for the Central Bank’s CBDC currency. China’s Central Bank, saying its CBDC, also known as DCEP electronic payments, is “almost ready” and is finally nearing its official launch nationwide

The CBDC project has completed all basic developments

Employees of state-owned commercial banks in China have started internal testing of the digital wallet application for money transfer and payment operations. The Central Bank has previously called for speeding up the launch of its CBDC to develop the economy of the new format.

China’s digital yuan, as explained by the Director General of the Central Bank’s digital currency Institute, is a two-tier system that will soon replace the current Chinese Fiat yuan.

Despite the fact that the head of the Central Bank And Gan said that the timing of the CBDC release of is not set, the project has made a number of changes that will speed up its final launch. Wang believes that the virtual currency will represent a new format in three aspects.

Wang Yunli, a former Chinese banker, suggested that in order to support monetary policy reforms, it is necessary to strive for this kind of asset to replace all currencies. He added that CBDC should start with replacing cash in circulation, but should not be limited to just this replacement.