China: the first pictures of the digital yuan
China: the first pictures of the digital yuan
Altcoin

China: the first pictures of the digital yuan

By Marco Cavicchioli - 15 Apr 2020

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The first screenshots of the Chinese yuan digital currency, DC/EP, appeared on Twitter. 

These are screenshots published by users, therefore not official, and would refer to the user interface of the app that allows installing and using it. 

A link has also been posted that should allow downloading the test version of the app, but this link currently leads to a blank page on abchina.com, possibly available only to registered users. 

These screenshots were posted by Matthew Graham, the CEO of a technology investment company working with China, Sino Global Capital. 

Graham claims to have seen the app himself and has verified that he uses a wallet with transfer options, a QR code scanner, and NFC technology. 

In the first tweet, Graham shows the installation screens, in Chinese of course, but it is clear that the iOS app is distributed by Agricultural Bank of China Limited. 

In fact, the Agricultural Bank of China is one of four state-owned banks believed to be working on the CBDC.

In a second tweet, he also posted screenshots of what the app’s user interface looks like. 

The screenshots were also posted on Twitter by Binance’s Executive Director Ling Zhang, who commented: 

“Seems that testing wallet app is available for download. 4 cities will be available for the trial to begin with, including Shenzhen, Chengdu, Suzhou and Xiongan. Interesting that Xiongan, the newly state-level new area is one the first batch of the trails cities”.

The Chinese Central Bank (PBoC) appears to be working on its CBDC together with Agricultural Bank, Industrial and Commercial Bank of China, Bank of China and China Construction Bank, as well as three mobile phone operators. 

It was already known that the tests would probably be carried out in Shenzhen and Suzhou, but at this point, it is safe to assume that they will also be extended to Xiongan and Chengdu. 

According to rumours of a few months ago, March should have been the start of the operational tests and the screenshots published by Graham seem to confirm these rumours.

However, it is not yet known when DC/EP could actually be launched on the market, nor whether this will actually be its final name.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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