NBK prepares to test hardware wallet for digital yuan

Head of the Department of Payment and Settlement Decisions of the People’s Bank of China (NSC) His Changchen stated, that a hardware wallet for a digital yuan is ready for testing.

According to Mu Chanchun (Mu Changchun), The wallet has already been fully developed and has a convenient User interface, It is soon planned to start his testing soon. Simple smart contracts were used to create this wallet, specialized for payments. In the future, additional payment contracts will be added to the pilot project.

To enter a wallet for a digital yuan, You will need a mobile phone number, to which the verification code will be sent. The mobile phone number will be used only to identify the user. Chanchun added, that the public enthusiasm for testing the application and the digital wallet for state cryptocurrency from the NBK surpassed its expectations.

This month, the authorities of Shenzhen and the Central Bank of China distributed 10 Mill of digital yuan (about $1.5 million) among 50 000 residents of the country as part of a free lottery. 88% From allocated digital yuan were spent on payment of goods and services. Earlier, deputy manager of the NBK Ifay Fan (Yifei Fan) said, that from the end of August more has been committed 3 million transactions in digital yuan totaling more 1 billion yuan. Besides, It was tested 6 700 options for using digital yuan in various fields of activity.

Earlier, Chanchate reported, that digital yuan is intended exclusively for payments and will not have “speculative characteristics” of bitcoin.

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