Major Chinese Bank Disables Digital Yuan Wallet Following Wide Spread Attention Soft Launch
Major Chinese bank disables digital yuan wallet following wide spread attention soft launch. Around midday local time on Saturday, users of China Construction Bank (CCB), one of the big four state-owned commercial banks, began to note that a digital currency wallet feature in the central bank was available within the mobile app.
By searching “digital currency” in Chinese, users of the app could navigate to the digital yuan wallet service and further activate it by registering with a mobile phone number associated with their bank accounts at CCB.
It’s unclear when the service was launched by CCB, but the feature’s news spread quickly Saturday among the Chinese cryptocurrency community and media. By connecting their CCB bank accounts with the wallet, some users had managed to make small amounts of transactions.
The banking giant has now disabled the feature from public users. Nonetheless, the brief availability of the wallet shows the Chinese commercial bank has been working towards adoption for the digital yuan initiative, also known as DCEP, which is led by the People’s Bank of China (PBoC).
Under the direction of the PBoC, the big-four Chinese state-owned commercial banks have been developing their respective digital yuan wallets and running internal tests with selected users and merchants in the country.
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