China major state banks testing digital wallet

In April, the PBoC’s digital currency institute told Reuters it was implementing internal closed trials of a digital currency electronic payment (DC/EP) system in four cities and that it intended to pilot the system at future Winter Olympics venues.

SHANGHAI: China’s major state-run commercial banks are conducting large-scale internal testing of a digital wallet application, moving a step closer to the official launch of a homegrown digital currency, the 21st Century Business Herald reported.

The state-backed newspaper cited sources saying employees at state banks in cities including Shenzhen have started internally testing the app to transfer money and make payments.