China and Japan Push Their Respective CBDC Trials forward 
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China and Japan Push Their Respective CBDC Trials forward 

March 26, 2021      Deepshikha Gupta

China and Japan, Asia’s two largest economies, are on full steam ahead with their respective Central Bank Digital Currencies (CBCD) trials. China, with their six Chinese banks offering digital wallets and Japan establishing a new committee called Liaison and coordination committee. 

Japanese in the Initial Phase of Developing Central Bank Digital Currency 

The Bank of Japan announced that the established committee on CBDC is to congregate with both the private sector on the bank’s upcoming CBDC proof-of-concept or PoC.

The statement from the bank reads, 

“The Bank, through this committee, will share details of, and provide updates on the PoC with the private sector and the government and will seek consultation on future steps to facilitate smooth implementation of the PoC.”

The announcement also takes note that the bank has been preparing to conduct a pilot CBDC since October 2020. And will formally commence Phase 1 of its CBDC pilot next month.

China Piloting  its CBDC Trails

Coming to the Chinese CBDC, three days ago, On March 23, the Chinese state media outlet Sina reported that six major government-owned banks have begun testing wallet services for the digital renminbi. 

Customers who are facilitated can apply for the banks’ whitelists to participate in the trial, and if approved, will be issued sub-wallets connected to the central bank’s digital RMB application.

The central bank will review applications on a case-by-case basis. On approval of the applications, a text message containing instructions on downloading and setting up the digital wallets by scanning a QR code will be sent. 

Sub-wallets are initially set with a payment limit of 1,000 yuan daily. Users can later apply to raise the limit if needed. Wallets can optionally be linked to existing bank cards issued by the participating institutions.

It is observed that China has been piloting its CBDC in the metropolitan centers of Beijing, Shenzhen, Suzhou, and Chengdu since October. The six banks participating are namely the Agricultural Bank of China, China Construction Bank, Postal Savings Bank of China, Bank of China, Bank of Communications, and The Industrial and Commercial Bank of China.

 

READ  Chinese State Banks Testing Digital Wallet App For CBDC
#CBDC trials #China Piloting  its CBDC Trails #Japan CBDC Trials
Deepshikha Gupta
Deepshikha Gupta

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.