Agricultural Bank of China to trial interface for PBoC's central bank digital currency

Thursday 16 April 2020 06:08 CET | News

The Agricultural Bank of China (ABC), a large state-owned bank, has started testing an interface for the country’s central bank digital currency (CBDC).

According to CoinDesk, some screenshots of an internal mobile application developed by the ABC show the banking corporation has already developed a front-end interface of how users could potentially interact with China's CBDC, also known as DC/EP.

The testing app is available for download on iOS and Android mobile devices via a site on ABC's domain. It offers a peek into the features that will be offered through a DC/EP wallet, including paying via a QR code, receiving and sending payments, and initiating transactions by touching another user's phone.

The app also offers users a registration option. However, it appears the registration function is so far in test mode as it only allows whitelisted users to complete the registration process. Furthermore, the registration step shows the test is currently being carried out in four Chinese cities including Xiong'An, Suzhou, Chengdu, and Shenzhen.

The move hints at the acceleration of the development and deployment work of rolling out the DC/EP. The People's Bank of China had been developing the system back in 2019 with the involvement of the country’s four big state-owned banks, together with payments large companies such as Ant Financial and Tencent.
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Keywords: Ant Financial, Tencent, mobile app, DC/EP, Agricultural Bank of China, PBOC, central bank digital currency, China
Categories: DeFi & Crypto & Web3
Countries: China
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