China’s big four state-owned commercial banks have started large-scale internal testing of what would be the world’s first sovereign digital currency, as the launch of the digital RMB appeared to move a step closer, reported the South China Morning Post.
The Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China and the Agricultural Bank of China are working on the digital RMB with the central bank in major cities, including Shenzhen, according to the 21st Century Business Herald.
Users taking part in the trial can use the app to top up their accounts, withdraw money, make payments and transfer money after registering with their mobile phone number. The banks are also testing a scenario where a user can make a transfer to another account without an internet connection, the newspaper added.
An official timetable for launching the digital RMB has yet to be announced, although on Monday, the People’s Bank of China (PBOC) said it would “actively and steadily promote the research and development of the state digital currency” in the second half of the year.