- Major Chinese Banks Are Now Allowing People to Apply for Digital Yuan Wallets
by Wolfie Zhao, https://www.theblockcrypto.com/
* Six Chinese state-owned banks are now allowing public users to apply to activate digital yuan wallets in Shanghai and Beijing – suggesting yet another step toward a wider rollout.
* The move is notable because, in previous tests, users were required to either win a lottery or be invited in order to activate a digital yuan wallet to participate.
Major Chinese state-owned banks have opened the doors to applications from members of the public seeking access to digital yuan wallets in Shanghai and Beijing.
The development indicates that the multi-stage digital yuan tests occurring in different parts of China are in the process of widening in scope. Specifically, six state-owned commercial banks in Shanghai are now allowing public users to apply for wallet activations, according to a Tuesday report from the Chinese state media outlet Securities Times.
The six banks include the Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, Postal Savings Bank of China and Bank of Communications. In addition, Beijing Business Times said on Wednesday that at least three of the aforementioned commercial banks are also opening up the application process in Beijing for public users.
The move is notable because, in previous tests, users were required to either win a lottery or be invited in order to activate a digital yuan wallet to participate. By changing the process from invite-only to one based on applications, the public could become more active participants, as they would be able to top-up their activated digital yuan wallets and pay with it in whichever shop that supports the payment method.