First glance of China’s digital currency leaked, it also works offline

First glance of China’s digital currency leaked

Despite the ongoing global meltdown, the People’s Bank of China has remained resolute, reaffirming that it still intends to launch its central bank digital currency (CBDC). First images of how it will operate are emerging, including the revelation that it can also be sent offline.

A tweet by the head of marketing at HashKeyhub, Mo Li, has offered the first glimpse of China’s digital currency/electronic payment (DC/EP).

Mo Li added that China’s central bank will start pilots in China Telecom, China Mobile, and China Unicom.

The biggest revelation was that transactions can also be made offline through the app using a method of touching the sender’s and receiver’s phones together.

Local reports have indicated that plans to launch the CBDC have been put on hold due to the COVID-19 outbreak, but these leaked screenshots indicate otherwise.

CEO of Sino Global Capital, Matthew Graham, also leaked images of the app, confirming that the version of it circulating is designed for the Agricultural Bank of China (ABC).

He added that it was specifically for whitelisted customers in Shenzhen, Xiongan, Chengdu, and Suzhou.

It has also been revealed that Beijing has just completed the creation of a 15-member consortium of organizations working on the blockchain.

The group includes the PBoC in addition to tech giants Baidu and Tencent, which are closely involved in the rollout of the DC/EP.

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