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A Chinese Commercial Bank is Internally Testing PBoC’s Digital Currency DCEP Wallet

On the evening of April 14, Chinese community is flooded with a screenshot of the DCEP wallet which shows Agricultural bank of China is conducting internal testing of PBoC’s digital currency DCEP wallet.

On October 28, 2019, an official from Chinese government think tank said China’s central bank is expected to issue its state-endorsed digital currency first. This time, it’s more like a tranquilizer injected into people who are rebuilding after the epidemic and breathe new life to the bitcoin community that has long been discussing the epidemic, oil. The DCEP wallet app of the Agricultural Bank of China only available for people in the white list because it’s an internal beta version. From the front-end display and registration information, we can find some clues of DCEP.

70                                                                                                     The screenshots of DCEP wallet app

First of all, in the middle of the home page, we will find that there are four common function entrances, which are ‘code scanning payment’, ‘remittance’, ‘QR code of receipt and payment’, and ‘touch’.

According to the previous revealed DCEP concept, it supports “dual-offline payment“, that is, both parties of the transaction are being offline. However, the function of ‘touch’ seems to be a face-to-face transfer entrance for both parties. In a specific situation, both parties can transfer money without Internet. The DC exchange entrance in the upper left corner is obviously the exchange entrance of RMB cash and DCEP that we now understand. By this wallet, the cash in the user’s bank card can be directly converted into the equivalent DCEP. The other three functions are wallet management, digital currency recording, and wallet attachment. Because it is not an internal test account, there are no more in-depth function details, but from their name, they are also the management and billing functions in our daily payment applications.

Another detail is that there are only four options for city outlets, namely Shenzhen, Xiong’an, Chengdu and Suzhou. Obviously, these four regions are the first test sites for DCEP. In the community discussion on the evening of April 14, according to the screenshot information, the first merchant in Chengdu to apply DCEP was Taikoo Li, a commercial plaza. The screenshot also shows that China’s central bank, the four major banks, and the two Internet giants Alibaba and Tencent are all participating in the internal test of DCEP. Although we don’t know how long it will take for the real business, the application of DCEP has been on the way.

The internal test of China’s DCEP is a cost-free demonstration for other countries, as if all countries are learning from China’s epidemic prevention measures now.

Seven days ago, the digital currency sector of A-share ushered in a collective rally. Capital’s sense of smell is always the most acute. It’s not hard to speculate that DCEP started its internal measurement not long ago.

This year is expected to be the year of DCEP’s application, which can be basically determined from certain news sources. For example, some listed companies are producing DCEP ATM machines, and Alipay’s recent patents on digital currency.

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