The new entity, Finance Gateway Information Service, was registered in Beijing on January 16 with €10 million (US$12 million) as incorporation capital, according to the National Enterprise Credit Information Publicity System, the Chinese government’s enterprise credit information agency. The announcement also comes mere weeks after China’s joint venture with SWIFT, the dominant network facilitating international payments between banks. While the project is currently an alliance between just Beijing, Hong Kong, Bangkok, and Abu Dhabi, it is strongly supported by the BIS, an organisation owned by 63 central banks. This move aligns with China’s long-term ambition to use DCEP to boost the use of RMB in international payments. The project ultimately aims to facilitate cross-border, multi-currency, real-time transactions around the clock. The m-CBDC Bridge project will explore the capabilities of distributed ledger technology, through the development of a proof-of-concept prototype. Cross-border payments with m-CBDC BridgeĬhina has joined forces to explore cross-border payments for digital currencies alongside Hong Kong, Thailand, the United Arab Emirates (UAE), and the Bank of International Settlements (BIS).Īccording to a joint statement in February 2021, the People’s Bank of China and the UAE’s central bank are taking part in the Multiple Central Bank Digital Currency (m-CBDC) Bridge project initiated by the Hong Kong Monetary Authority and Bank of Thailand in 2019. There is even an advanced version that only allows transactions upon verifying the fingerprint of the card owner. China Economy Daily reports that the Postal Savings Bank of China debuted the hardware wallets that will be especially useful to bridge the divide for elderly citizens and others who may not be savvy with mobile phones or applications. Hardware wallets in the form of cardsĪnother new feature being tested in Beijing is the option to make transactions using hardware wallets in the form of a card.
The report also noted that the Agricultural Bank of China has installed a similar feature on more than 10 of its ATMs in Beijing’s Wangfujing area, a popular shopping district in the Chinese capital. The move makes it easy for users to switch between digital and non-digital forms of government-issued currency, bringing the nation one step closer to releasing a digital currency built on a blockchain network. Residents of the capital city will now be able to exchange DCEP for cash and vice versa.Īccording to a report by Xinhua Finance on June 18th 2021, the service has already been enabled on more than 3,000 ATMs operated by the Industrial and Commerce Bank of China (ICBC), making it the first banking institution in China to launch a DCEP-cash conversion system. State-owned banks have introduced the feature to deposit and withdraw DCEP at more than 3,000 ATM locations in Beijing. Will DeFi push governments to finally adopt CBDCs?īeijing tests DCEP-cash ATMs Beijing implements DCEP-cash ATMs.Implications of DCEP on Bitcoin and cryptocurrencies.Appearance on Chinese television debate show “Tiger Talk”.Is DCEP a challenge to the US monetary system?.Trading DCEP? What platforms support DCEP?.What is the difference between DCEP, Libra, Bitcoin and Cash? A comparison.China Construction Bank launches DCEP wallet.e-CNY wallet becomes top downloaded app in China.Hong Kong will participate in cross-border DCEP testing.Which Chinese merchants already support DCEP payments?.RMB 10 mil in DCEP will be given to select Shenzhen residents.Foreign firms like McDonalds, Starbucks will also test DCEP.China has completed the backend infrastructure for DCEP.DCEP will operate on a two-tiered system.Why is China coming up with a digital currency?.DCEP is the only legal digital currency in China.Cross-border technical testing with Hong Kong.Cross-border payments with m-CBDC Bridge.
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