Thursday, January 7, 2021

China tests new phone-free DCEP e-RMB card for helping rural poor: Kelly Le and Mengyuan Ge

 In what analysts say could be a “game changer” for China’s new digital currency as well as access by the nation’s rural poor, the People’s Bank of China this week tested out a “phone-free” digital yuan for the first time. 


According to People’s Daily, a hospital in Shanghai became the first testing ground for the Digital Currency Electronic Payment (DCEP) “hardware wallet” — a smart card-like device that can be used for payments with the digital yuan without needing a mobile phone or the internet.


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China tests new phone-free DCEP e-RMB card for helping rural poor: Kelly Le and Mengyuan Ge

2 comments:

Matt Franko said...

yeah its called an ATM card we had them like 40 years ago...

Andrew Anderson said...

Except it doesn't work through private banks and thus represents an inherently risk-free payment system in addition to the one that must work through private banks as current ATMs do.

It's a step in the right direction and hopefully spells the beginning of the end to government privileges for private depository institutions.