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A Chinese Major Bank is Testing its Digital Wallet

Chinese bitcoin FOMO appears to be on the rise as a major bank is reportedly testing its digital wallet.

A screenshot spread in WeChat groups revealed that Industrial and Commercial Bank of China, one of the Chinese major bank is testing its digital wallet. The screenshot shows that ICBC’s (Industrial and Commercial Bank of China) digital wallet is the carrier of ‘legal digital currency’ and the payment tool relying on the legal digital currency circulation system.

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According to the protocol of the wallet, ICBC’s digital wallet is divided into four categories by real-name system. Party A can open a digital currency wallet which is used for handling digital currency collection and payment and related businesses through Party B’s non counter channel or partner’s counter channel by valid personal identity certificate.

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Since the news of “taking blockchain as an important breakthrough in independent innovation of core technology” released by Xinhua News Agency on Friday, a group of major companies in China claimed that they have already arranged blockchain business.

Such a development could provide a further boost to the already growing retail crypto interest in China.Come next year, the cryptography law will come into effect. Reports suggest that the new law aims to provide a robust regulatory framework for crypto and blockchain technology, as well as, making China more competitive in the emerging digital landscape.

After China’s president Xi said that the country should seize the opportunity to speed up blockchain adoption at the 18th collective study of the Political Bureau of the Central Committee on Thursday. State media in China all intensively covered blockchain one after another. Since the country’s President Xi Jinping made mention of blockchain technology, there has been a surge of positive interest sweeping across the country. Obviously, following AI, Internet of things and big data, blockchain development has become China’s strategic requirement.

It is reported that another major bank has invested in a local wallet platform. China Merchants Bank has invested in BitPie —the longest-serving bitcoin wallet platform in China. The banking industry that is closest to the original scenario (digital currency) of blockchain will not fall behind as the development of “crypto space” is “from the bottom to the top”. The improvement of the supervision system of traditional financial industry will be carried out “from the top to the bottom”.

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