Digital Assets: China’s Virtual Currency To be Tested in Mobile App

April 16, 2020 | Digital Assets, News

The Agricultural Bank of China has launched the test app.

The Agriculture Bank of China is making available a new mobile app to a select group of users. It appears to be downloadable from a website link (currently down) provided by the Bank. According to a report, the bank is perhaps launching a test run for the country’s virtual currency. It is also known as a central bank digital currency (CBDC), or in China, as DCEP. (CoinDesk)

China serious about its CBDC, or DCEP

It may be recalled that in February, Chen Weigang, former Vice President of China Insurance Regulatory Commission of the Communist Party, said in respect of the DCEP: “We must be ahead of the rest of the world, at least technologically. Only in this way can the RMB take the initiative in the future international economic development.”

Further, Wired magazine had said China’s DCEP may become the world’s first sovereign digital currency. However, China would maintain a vice-like grip on the currency to stem clandestine capital outflows from the country, and which could emanate from corruption.  This control is not possible in a decentralized cryptocurrency which is outside the control of any government.

On the contrary, the DCEP would allow China to digitally advance its economy, yet completely control its financials.

Sneak peek

Though the test app, which is available in both Android and iOS versions, doesn’t seem to be downloadable as of now, it gave a glimpse of the features available to transact the DCEP. These include QR-code based payments, remittances, receipts, and touch-based phone transactions.

The app is available only to a select, closed group of individuals and only in the cities of Xiong’An, Suzhou, Chengdu and Shenzhen.

Related Story:  Digital Assets: Chinese Party Dignitary Says a CBDC is Essential for China’s Economic Supremacy                                                 

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