China’s CCB on a Silent Mission to Drive Digital Yuan, pulls down launched Cryptocurrency Wallet

The China Construction Bank (CCB), one of China's major banks, launched a cryptocurrency wallet for digital yuan, but soon disabled it.

By Komal Joshi · Aug 31, 2020 . 6min read

The China Construction Bank (CCB), one of China’s central banks, launched a cryptocurrency wallet for digital yuan. While the bank was rather tight-lipped about the launch, its users immediately discovered it. Soon, this new feature took through a lot of people’s attention. However, within a few hours, the bank stopped the services. The Cailian Press has discovered some trial users have designated. Therefore, the funds charged into the digital currency wallet have reverted to their CCB card on August 30.  

On August 29, CCB users noticed that their bank’s mobile app had a new feature, a crypto wallet for the central bank’s CBDC. China Construction Bank’s app has launched a digital currency wallet. It includes a “digital wallet top-up” and “digital currency” sub-menu. The digital currency page shows users to create a digital currency. It expects to make payments, receive payments, scan QR code, and transfer funds.

Consumers Registering For Digital Yuan Wallet Service

It is reported that some of the CCB customers were actively exploring the digital currency. However, soon they were navigated to the digital yuan wallet service. Thus to activate their account, the customers need to register themselves on a platform with their CCB linked mobile number. Although the Chinese media and crypto community is continuously monitoring every movement of digital yuan, still no one was able to find out the introduction of CCB services on its platform. 

Some of the users who registered themselves for the CBDC services even had processed a small number of transactions. With CCB realizing that its customers are using CBDC wallet services via its app, the bank undermined the feature. Now, if any of the CCB customers search for digital currency, they would instead receive a message. The message communicates, “This function is not yet officially available to the public. Please wait patiently.”

The wallet’s disabling its brief appearance has unveiled that the banks are quietly executing it to embrace digital yuan. News reports describe an interface that shows that each user who managed to activate the service has received their wallet ID. Users also had options to send and receive digital yuan by utilizing their wallet IDs or phone numbers. Conclusively, China is keen to embrace crypto adoption with usage of central bank’s Digital Yuan.

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