Leading Chinese bank quietly opened new wallet service for China’s CBDC [Central Bank Digital Currency] to its public users – but quickly disabled it after the update gained sudden attention from the society.
Earlier today, users of CCB [China Construction Bank], one among the big-four state-owned commercial banks, began to notice that a central bank based virtual currency wallet feature was available inside the bank’s mobile application.
By searching “digital currency” in Chinese, users of the application could navigate to the digital yuan wallet service & further activate it by registering with the mobile number linked to their bank accounts at CCB.
It is unclear when CCB opened the service, but news of the feature quickly spread Saturday among the Chinese crypto community & media. Some users had managed to form small amounts of transactions by linking their CCB bank accounts with the wallet.
Moreover, the banking giant has now disabled the feature from public users. While checking for the same term within CCB’s mobile application now results in a message that adds: “This function isn’t yet officially available to the general public. Please wait patiently.”
Nonetheless, the brief availability of the wallet shows the Chinese commercial bank has been working towards adoption for the digital yuan initiative, also referred to as DCEP, which is led by the PBoC [People’s Bank of China].
The wallet’s interface revealed that each user that had activated the service was assigned to a dedicated wallet ID, which might be able to make transactions between the wallet & users’ CCB bank accounts.
Additionally, users could also transfer & receive digital yuan to every other by entering their unique wallet ID addresses or a linked mobile number.
As per the direction of PBoC, the big-four Chinese state-owned commercial banks are developing their respective digital yuan wallets & running internal tests with selected users and merchants within the country.
It remains to be seen when these banks will officially open up the services to the general public & whether the wallets will permit more apps that can use the virtual currency.
The PBoC is additionally working with DiDi Chuxing and other internet-based services to use digital yuan into more payment scenarios.