Chinese state-run banks start testing PBoC’s ‘e-wallet’

PBoC
The People's Bank of China

China’s largest state-owned banks have started testing the “electronic wallet” component of the People’s Bank of China’s “digital yuan” project, local media have reported.

The tests are being conducted in cities including Shenzhen, which borders Hong Kong. The municipal government of Shenzhen said it would cooperate in efforts to test the system for different applications, according to a circular published on August 7.

Banks are testing the e-wallet application to transfer money and make

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