China Construction Bank Launches Digital Renminbi Wallet

China Construction Bank (CCB) has launched a digital renminbi wallet in its official app, according to 21st Century Business Herald.

Reports revealed that users in tested places could register for the wallet, for example in Shenzhen.

The renminbi is the official currency of China and one of the world’s reserve currencies. The yuan is the basic unit of the renminbi.

The digital renminbi wallet offers services including payment, redemption, transfer, and credit card recharge, according to CCB’s user agreement.

There are four levels of the digital renminbi wallet with varying balance and payment limits, Bitcoin.com stated.

The second digital renminbi wallet level has an annual cumulative payment limit of 300,000 yuan. The third comes with 50,000 yuan, and the fourth with 10,000 yuan, the revealed data added.

Screenshots of the CCB’s digital renminbi wallet, courtesy of 21st Century Business Herald.

Each wallet comes with a unique identification number linked to the customer’s information. The information includes the customer’s name, password, mobile phone number, email address, and bank card number.

Bitcoin.com stated that the digital renminbi wallet launch did not last long, however. Several people told Caixin publication a few hours later that the wallet was “quietly closed again,” with a message roughly translated as: “The service has not officially launched externally, so stay tuned.”

Nonetheless, the publication reported that many Wechat users were able to sign up for the wallet during the few hours it was available. They posted screenshots of wallet activation and recharge pages.

China’s earlier announcement

Earlier, the Chinese government announced that the country’s four major state-run banks started large-scale internal testing of the digital renminbi wallet.

Moreover, China Construction Bank, Bank of China, Industrial and Commercial Bank of China, and Agricultural Bank of China are piloting the digital renminbi with the central bank in major cities.

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Hanan Hamed 48 Articles
a bilingual journalist. She writes in both Arabic and English. She has been writing news and features for 7 years now. She is specialized in business and economic news.