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October 4, 2022
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Bank of China creates a wallet for digital yuan –

Bank of China is testing a biometric hardware wallet in the form of a card. The application is to be used in terms of digital payments expressed in e-yuan. But that’s not all. The system has also been expanded to include other functions, e.g. healthcare.

Bank of China creates a wallet for e-yuan

Chinese digital yuan tests continue to gain momentum. According to the news agency XinhuaPostal Savings Bank of China has already developed a prototype of a biometric hardware wallet for the project.

A biometric hardware wallet allows you to easily verify the identity of users with fingerprint readers.

Currently, consumers participating in the Beijing CBDC research can also use the new, tested system to access healthcare services.

Postal Savings Bank of China has also confirmed that the hardware wallet, which is still in the testing phase, was designed to provide easier access to CBDC and health services, especially for the elderly, without the need for smartphones.

This card makes it much more convenient to enter and exit public places and pay with one move. This is especially suitable for the elderly who have difficulty using smartphones – added bank experts.

As previously reported in the media, Postal Savings Bank of China first began developing physical wallet cards in January.

The new biometric card is another element of the growing list of hardware wallets that will be dedicated to the digital yuan. A few days ago, the Xiong’an branch of the Agricultural Bank of China also developed its hardware wallet to help pay consumers with digital yuan.

CBDC in China

There are many indications that the digital yuan will be the first CBDC system to be created by a global power. It is possible that the Chinese will be able to pay with e-yuan this year.

It is worth adding that in addition to creating hardware wallets, the Agricultural Bank of China has also launched a pilot program for ATMs, allowing citizens to exchange cash for digital yuan.

Several municipalities have also used aidrop systems and lotteries as ways to bring electronic payments in digital currency to the market early.

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