China Central Bank Introduces Features of Digital Yuan Wallet

Digital Yuan

In China, which is shown as the country with the fastest progress in the world in terms of Central Bank Digital Currency (CBDC), the central bank introduced the features of the wallet developed for the digital yuan. According to the level of anonymity in wallets, spending limits also vary.

China, which does not keep an eye on cryptocurrency miners, continues its rapid progress in digital money technology. According to Forkast’s Chinese-language media outlet Caixin, the People’s Bank of China has finally introduced the features of digital yuan wallets to be used in payments.

Wallets developed for CBDC will have different levels of anonymity and payment limits. The wallet will be divided into both private and open wallets. Thus, sub-wallets can also be created as the ‘master wallet’ allows. Thanks to this separation, there will also be hardware and software storage tools.

The Less Anonymity The Less Balance And Spend Limit For Digital Yuan Wallet

Only a mobile number will be required for the wallet, which will be the highest level of anonymity. The balance limit of this wallet will be 10 thousand yuan, but not all of this balance can be spent. 2 thousand yuan can be spent at once, and 5 thousand yuan in total per day.

Wallets with reduced anonymity will require a verified ID and a bank account linked to the wallet. The spending limit on such wallets will also increase. In this wallet, where the balance limit is 500 thousand yuan, 50 thousand yuan can be spent at once and 100 thousand yuan in total daily.

Individuals and households also have the right to create separate wallets. Legal entities and unincorporated entities will also be able to establish open wallets. In these wallets, the balance and spending limits will change according to the installation conditions.

Digital yuan wallets, short for e-CNY, will be divided into two types: “light” and “advanced”. The lightweight wallet will have mobile payment apps. The advanced wallet, on the other hand, will be compatible with integrated cards and can be used on devices.

SEE ALSO; Crypto Mining is Banned in China

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