Dual Offline Wallet for China’s CBDC is Ready for Test
“The “dual offline” wallet has been fully developed and having friendly user experience. The wallet is expected to be applied in the follow-up pilot”
Said Changchun Mu, the director of the Chinese Institute of CBDC, the public’s enthusiasm in participating in the digital yuan pilot project initiated by Shenzhen’s municipal government exceeded his expectations.
China’s ‘red packets’ lottery giveaway of digital yuan to 50,000 residents of Shenzhen resulted in 62,788 transactions with a total value of 8.764m yuan (US$1.32m) during the week-long central bank digital currency (CBDC) test in the city. Users added a total of 901,000 yuan (US$134,945) to their digital wallets during the trial, according to 8btc previous report.
Mu said that only relatively simple contracts were used, that is, the real payment function in this digital yuan pilot project. After that, more abundant payment contracts will be put into the upcoming pilot.
As for the bounding of digital yuan account to the mobile phone number, Mu said the account is not bounding to the mobile phone number, the phone number is only used to open the digital yuan wallet. Without this carrier, there is no way to send back the verification code, so the phone number is only used as the necessary information for authentication.
Compared with the digital currencies that have been issued or are being developed like Libra, the digital currency of China’s central bank is the only one that explicitly requires “dual offline payment”. China’s central bank has put forward a set of plans, according to 8btc’s previous report.
Mu said that China’s digital yuan is based on the broad account system. Anyone who can be the identification of the unique identity, digital yuan wallet can be opened by him. Therefore, digital yuan wallet opened in other authentication forms (unique identity identification) will also appear in the future.