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