Some of our foreign friends complain that sometimes it's inconvenient to use mobile payments like WeChat Pay and Alipay. Because they cannot transfer money without a Chinese ID card or bank account. 

However, the situation will change soon. 

It is said that people will be allowed to use the digital currency without first having to open a bank account with a Chinese bank. (Click here to read our previous article.) 

△ Mu Changchun, director general of the PBOC Institute of Digital Currency, said the digital currency will be accessible to those without bank cards. 

COMING SOON

Senior officials from the People's Bank of China, the central bank, said recently that the testing of the central bank's "digital currency and electronic payment," the so-called DC/EP, had already finished. 

There are some experimental areas for the DC/EP pilot program for further testing the application scenarios and service scale. 

According to Fan Yifei, vice-governor of the PBOC, the functions of the digital sovereign currency still need to be improved. 

Although few new details have been disclosed, some basic ideas of the DC/EP design and issuance structure have not changed from the initial version. 

The for­mer head of one of Chi­na’s big state-owned banks says the statu­tory dig­i­tal cur­rency slated for im­mi­nent re­lease by the Chi­nese cen­tral bank will have sweep­ing im­pli­ca­tions for the coun­try’s fi­nance and mon­e­tary sys­tems. 

• In­dus­trial and Com­mer­cial Bank of China (ICBC) 
• Agri­cul­tural Bank of China (ABC) 
• Bank of China (BOC) 
• China Con­struc­tion Bank (CCB) 
• China Mo­bile 
• China Tele­com 
• China Uni­com 
• Ten­cent 
• Huawei 

• Who will issue the digital RMB? 
  

• Will it be fully anonymous? 

• What are the advantages of digital currency? 

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SOURCE | China Banking News / CD