Big four Chinese state-owned banks begin internal testing of China’s digital currency

Chinese state-owned commercial banks are the latest organizations to conduct commercial testing of the national digital currency as transactions, and they are also considering its offline operation

Banks conduct large-scale testing of the virtual yuan

The big four state-owned commercial banks in China began large-scale internal testing of the digital yuan on Thursday, the South China Morning Post reported, citing a report by the 21st Century Business Herald. Banks include the Agricultural Bank of China, Construction Bank, Industrial and commercial Bank, and the Central Bank.

The report says they are conducting testing in popular cities such as Shenzhen, along with the country’s Central Bank. Participants used the app to do this. They could top up their accounts, withdraw funds, and perform other functions after registering with their phone numbers.

In addition, according to the 21st Century Business Herald, employees of state-owned banks could also pay bills and make money transfers using the national digital currency. The report also mentions that banks are considering a scenario in which it can be used offline — without an Internet connection.