Chinese banks are testing cryptocurrency wallets

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Aug 6, 2020
  • China's major state-run banks recently started testing digital currency wallets.
  • After successful development, as well as tests in several cities, CBDC might be ready to launch.
  • Right now, banks are looking into wallets' abilities to send payments and store coins.

China seems to be progressing further down the road towards officially launching its CBDC, The most recent indication that things are going according to plan seems to be the fact that many of the country’s biggest state-run banks started conducting tests with crypto wallets.

Digital wallet testing has started

According to reports, the banks have started conducting large-scale internal testing of wallets. There were no official statements at this time, but sources from within the country, such as 21st Century Business Herald, claim that their information comes from employees at these banks.

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The tests seem to be conducted in a number of cities, one of which is Shenzhen. They seem to revolve around the wallet app’s ability to make payments and transfer money between addresses.

The move comes just as the country’s central bank, the People’s Bank of China, started tackling its most important crypto-related task for the second part of this year. The task, specifically, is the active promotion of the CBDC’s development, according to the PBOC’s own recent statement.

China’s CBDC development continues successfully

The bank has made quite a bit of progress in 2020, despite everything that has been going on in the world. Only a few months ago, the PBOC-run digital currency institute stated that it is holding closed trials of the digital currency electronic payment system.

The trials have been taking place in four different cities, and the bank had plans to pilot the system during future Winter Olympics venues.

In the end, after six years in development, it seems that one of the world’s first CBDCs is approaching its launch. For now, China seems to be closer to its CBDC launch than Facebook is to the launch of its Libra, as there is still no word on the potential launch date. The announcement of Libra was what caused China to speed up its crypto plans and announce them to the world. However, Facebook has, since, hit quite a few regulatory walls, and was even forced to change its initial design of the project.

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