After soft launch of digital yuan wallet, Chinese bank disables the app

According to CoinDesk, around noon on August 29, 2020 local time, users of the Chinese bank - one of the big-four state-owned commercial banks, started to notice that a central bank digital currency wallet feature was available inside the bank’s mobile app.

By searching ‘digital currency’ in Chinese, users of the app could navigate to the digital yuan wallet service and further activate it by registering with a mobile phone number associated with their bank accounts at CCB.

However, the banking group has now disabled the feature from public users. Searching for the same term inside CCB’s mobile app now leads to a message that says: ‘This function is not yet officially available to the public. Please wait patiently’, the online publication added.

Still, the brief availability of the wallet shows the Chinese commercial bank has been working towards adoption for the digital yuan initiative, also known as DCEP, which is led by the People’s Bank of China (PBoC).