China Construction Bank has begun DCEP wallet registration, the country’s upcoming digital Yuan cryptocurrency. With the world prefixed on the digital Yuan, DCEP wallet registration marks an important step in China’s realization of a central bank digital currency.
Digital currency electronic payment, or DCEP, is a project overseen by the Central Bank of China. Now, China Construction Bank has invited its users for DCEP wallet registration so that they can use DCEP when available. Earlier known as ‘China Coin’, the project timeline seems unaffected by the coronavirus pandemic.
DCEP wallet registration starts finally
The CCB mobile application can be downloaded by the bank customers and subsequently, they can register for the DCEP wallet. An official tweet by the bank’s Twitter handle apprised customers about the DCEP wallet registration as an introduction to the upcoming digital Yuan.
Users must make a search request for a ‘digital currency’. The wallet can be used to top the bank cards, undertake payments using the QR codes and bank transfers.
DCEP trials reach new testing phase
Major Chinese cities are set to witness more DCEP trials in the coming days. A representative of the Chinese Ministry of Commerce mentioned earlier that technically well-endowed regions of the country will be chosen for digital Yuan trials first since they have the requisite technical infrastructure. These include Hong Kong, Macau, and Beijing.
However, if other cities satisfy the requisite testing conditions, they can also apply for the testing of Chinese central bank digital currency. The trials are expected to finish by the end of 2020.
As DCEP wallet registration begins, other nations are nowhere close to testing their CBDCs, if any. Crypto experts like Stuart Alderoty has said that the US must not lag behind China and must launch a plan for a digital US dollar. He compared it to a technological ‘cold war’ with China. Anthony Pompliano has also expressed his fears that the US must rise to launch a CBDC to get a technological edge over China.