MediaAuthority – The outbreak of the Covid-19 corona virus does not seem to hinder China’s intention to work on digital money like Bitcoin. In recent days, screenshots of China’s official digital currency have been circulating on social media.
The screenshot image circulating on social media is said to be from a trial version of a mobile application developed by one of China’s largest state-owned banks, Agricultural Bank of China. Reportedly the bank is trying internally in small groups to experiment with virtual currencies.
The Digital Currency Research Institute, a unit of the Central Bank of China, the People’s Bank of China (PBoC), which is overseeing the project’s development declined to comment on the screenshots and was unlikely to show the final version of the currency.
China is the first country to explore launching its own digital currency, which will be tightly controlled by the People’s Bank of China. Rather than operating on a decentralized system that underlies cryptocurrencies like bitcoin and does not require administration from a central authority.
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Testing of this digital currency has actually been going on for several months at Chinese state-owned banks, as reported by the South China Morning Post, (16/4/2022).
“It should be a secret at this stage,” the source, who asked not to be named, told SCMP. “This leak offers the first glimpse of what China’s digital currency might look like for the general public.”
A second source, familiar with testing programs at state banks, said the screenshots were genuine.
Sightings of China’s Digital Money
This is what China’s digital money looks like that has gone viral on social media. Photo: Yuan Digital (Twitter/@lingzh1220)
The image shows the Chinese government-made digital currency app has some basic functions. Similar to other online payment platforms such as Alibaba’s Alipay and Tencent’s WeChat Pay, it allows users to make and receive payments, as well as transfer money.
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While China is busy developing its own digital currency. The PBoC is also known to have cracked down on trading of other digital currencies and banned banks from accepting cryptocurrencies, which is seen as a financial stability risk.