The People’s Bank of China gives the green light The physical card wallet pilot tests its digital currency. Coffee shop staff at a university hospital in Shanghai were selected as pilot participants.
E-wallet card does not require Wi-Fi or mobile connection to pay or accept e-CNY
According to “Tencent News”, the staff of Tongren Hospital affiliated to Shanghai Jiaotong University School of Medicine used digital tokens to buy food. They used point-of-sale devices and physical cards with a small screen in the upper right corner.
The card shows how many digital dollars are still in the wallet. Local media reported that China Postal Savings Bank is responsible for providing technical support. The “hard wallet” allows employees to buy products such as coffee or snacks.
One of the photos Featured Tencent also showed in the article that a hospital staff member is holding a card with 144.75 yuan on it, and three offline payments can be used. The latter function allows people to pay or accept e-CNY transfers without Wi-Fi or mobile network connection.
Digital yuan testing is still being carried out in several cities in China
So far, digital renminbi pilot programs have been carried out in Shenzhen, Suzhou, Xiongan, Chengdu and other Chinese cities in preparation for the Winter Olympics. This event is still planned to be held in 2022.
Although local experts warned that there is still a long way to go before the tokens are fully issued, officials of the People’s Bank of China believe that the digital renminbi can be issued before the Olympics.
The central bank aims to attract as many domestic and foreign audiences as possible to use the digital renminbi. The Chinese government’s plan points to reducing dependence on the US dollar.
What do you think of the ongoing digital RMB test? Let us know in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Tencent News
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