At around noon on Saturday local time, China Construction Bank (CCB), opened up a wallet service for the digital currency electronic payment (DCEP) to public users. The registration service was opened up in a mobile application that allowed users to apply for the DCEP wallet through the CCB mobile app.
The registration for the DCEP wallet marked a significant step in China’s commitment to issue a Central Bank Digital Currency.
The DCEP is a project overseen by the country’s central bank. China Construction Bank, one of the big four state-owned commercial banks, invited its customers for the registration for the DCEP wallet so that they could use digital yuan when available.
Why the Bank Recalled the New Product
Any customers of the bank could download the CCB mobile app and register for the DCEP wallet.
By making a search request for “digital currency”, users of the CCB mobile app could navigate the DCEP wallet and further activate it by registering with a mobile phone number associated with their CCB bank accounts. As per the report, the wallet could be used to top up bank cards, conduct bank transfers, and make payments via QR codes.
The new service offered by the leading bank gained wider attention among people. The news of the feature spread very quickly in the media and crypto community. Some users managed to initiate small transactions by linking their bank accounts with the DCEP wallet.
The bank has, however, disabled the feature as it was floored in by thousands of people. Now when anyone searches again with the same term “digital currency” inside CCB’s mobile app, a message pops up saying: “This function is not yet officially available to the public. Please wait patiently.”
China Expanded DCEP Trials in Major City Hubs
The brief availability of the DCEP wallet indicates that the work being continuously done by commercial banks and the Chinese government continues to achieve the realization of the digital yuan adoption in the country. A series of DCEP trials are currently being conducted by the country’s central bank in various major cities across the nation. The trials are expected to finish by the end of 2020; thus, paying the way for the national digital currency to be launched officially soon.
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