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China: a bank reveals the first images of the Chinese state cryptocurrency?
The digital currency project of the Central Bank of the People's Republic of China is called 'Digital Currency Electronic Payment' (or DC/EP). The Agricultural Bank of China (ABC), one of the four state banking giants, is testing a test interface for the country's Central Bank Digital Currency (CBDC).
Recent revelations show that not only does a prototype of the application offering DC/EP already exist, but that it will also be extensively tested in some major Chinese cities.
For several years now, the government of Xi Jinping and the People's Bank of China have been working on the development of a state cryptocurrency system, based on the country's national currency, the Yuan (or Renminbi).
The project appears to be advanced because, according to a March 14 report by the Chinese media outlet BlockBeats, images of a new application from the Agricultural Bank of China have begun to circulate in China through WeChat.
The first screenshots of the Digital Currency Electronic Payment system were revealed on April 14 on the Twitter account of Ling Zhang, executive director of the Binance platform. The images represent a beta version of an application bearing the logos of the Agricultural Bank of China. The word 'DC' in the centre of the application's home screen stands out, coinciding with one of the names given to this CBDC: Digital Currency Electronic Payment, or DC/EP.
In addition to these exclusive images of the interface, she explains in her tweet that this application - which is to serve as a wallet for the DC/EP - is already available for download.
In parallel with this new application, China is preparing to launch its national structure around the blockchain, as part of the country's strategy to become the leader in the digital transformation of the global economy. It will be called the Blockchain Service Network (BSN) and is about to be launched nationwide on April 25.
Written By Laetitia, Project Manager
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