The People’s Bank of China (PBoC) has given the green light a pilot with a physical card wallet to test his digital yuan. Coffee shop personnel from a Shanghai-based university hospital were chosen as participants in the pilot.
Wallet Card can pay or accept e-CNY without Wi-Fi or a cellular connection
According to Tencent NewsEmployees at Tongren Hospital at Shanghai Jiao Tong University School of Medicine used the digital yuan token to pay for food. They used a point-of-sale device and a physical map with a small screen in the top right corner.
The map shows how much digital yuan is left in the wallet. According to local media reports, the Postal Savings Bank of China is responsible for technical support. With the ‘hard wallet’ employees can buy products such as a cup of coffee or snacks.
One of the photos featured Tencent’s article also shows a hospital worker with a card with 144.75 yuan on it and three available offline payments. The latter feature allows people to pay or accept e-CNY transfers without Wi-Fi or a cellular network connection.
Digital Yuan tests are still taking place in several Chinese cities
So far, the pilot programs are for digital yuan on the way internally in Chinese cities such as Shenzhen, Suzhou, Xiongan, Chengdu, in preparation for the Winter Olympics – an event still scheduled for 2022.
Although local experts have warned While there is still “a long way to go” before the token can be fully launched, PBoC officials believe the digital yuan could be launched before the Olympic event.
The central bank aims to attract as many domestic and foreign spectators as possible to use the digital yuan. The plans of the Chinese government point to reducing dependence on the USD.
What do you think of the ongoing digital yuan tests? Let us know in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Tencent News
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