China Continues To Dominate Global FINTECH Industry

[JSCh]

Xi stresses development, application of blockchain technology
Source: Xinhua| 2019-10-25 21:55:15|Editor: huaxia

BEIJING, Oct. 25 (Xinhua) -- Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, has underscored the important role of blockchain technology in the new round of technological innovation and industrial transformation, urging more efforts to quicken development in the sector.

Xi made the remarks Thursday while presiding over a group study session of the CPC Central Committee Political Bureau on the development and trend of blockchain technology.

The application of blockchain technology has been extended to sectors including digital finance, Internet of Things, smart manufacturing, supply chain management and digital asset trading, and the world's major countries are stepping up efforts in planning blockchain technology development, Xi said.

Noting that China's blockchain sector has a sound foundation, Xi stressed expediting the development of blockchain technology and innovation-driven industrial development.

More efforts should be made to strengthen basic research and boost innovation capacity to help China gain an edge in theories, innovation and industries of the emerging field, according to Xi.

Coordinated key-task tackling should be advanced and breakthroughs in key technologies should be accelerated to provide safe and controllable technological support for blockchain development and its application, said Xi, stressing the importance of stepping up research on the standardization of blockchain to increase China's influence and rule-making power in the global arena.

He also demanded deep integration between blockchain and other information technologies including artificial intelligence, big data and Internet of Things.

Xi highlighted the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving collaborative efficiency and building a trusted system.

Efforts should be made to promote the deep integration of blockchain with the real economy, so as to solve problems such as difficulties of financing for small and medium-sized enterprises, risk management in banking and government agency supervision, Xi added.

Xi also stressed the application of blockchain in the innovation of digital economy, optimizing the business environment and advancing China's supply-side reform and high-quality development.

He underscored exploring the application of "blockchain plus" in people's livelihood and advancing the integration of underlying technology service of blockchain with the building of new type of smart cities.

He stressed that blockchain technology should be used to elevate the connectivity among cities regarding information, capital, talent and credit investigation to a larger scale.

Xi demanded the exploration of using the data-sharing model of blockchain to realize the trans-department and trans-regional maintenance and utilization of government services data.

He also highlighted enhancing research and analysis on the safety risks of blockchain.

It is essential for blockchain technology to play a bigger role in building China's strength in cyberspace, developing the digital economy and advancing the economic and social development, Xi said.

 

[JSCh]

Bank of China officially launches insurance blockchain
7 hours ago
by Miranda Wood

Yesterday, Chinese media outlets reported that the Bank of China’s Insurance IT arm has launched an insurance blockchain with multiple partners. The industry-level project currently stores electronic policies on the blockchain for transparency and efficiency.

Interestingly, the platform uses Hyperledger Fabric, not a domestic blockchain like most Chinese initiatives. Sina Finance reports that it stores policy information in one place, which streamlines the reconciliation process and protects the data from tampering. This is crucial for insurance sold through banks, where if a policy changes, the bank, insurer, and reinsurer must all reconcile to ensure their policy versions are the same.

The news site further claims that by September, the Bank of China had accumulated over 4 million policies uploaded digitally. More insurers are currently testing the platform and preparing to join.

The bank and its partners plan to expand the project by admitting different types of insurance institutions and industries. Hummingbird Finance claims that new members may be added as nodes. With more participation, there is greater scope for using big data resources and improving anti-fraud and -money laundering efforts.

Perhaps the Bank of China chose Hyperledger, rather than popular local products such as Ant Financial’s, after its partnership with IBM. The firms announced their collaboration last month for financial innovation. The bank is also involved in the Bay Area Trade Finance Blockchain Platform (BATFB) and was the first client of a Hong Kong property initiative.

In insurance, there are various blockchain applications on the go. Yesterday, Aon’s project in the agricultural sector reported on its successes and challenges so far. MetLife said that it found data preparation harder than the blockchain angle. Meanwhile, in China, Alipay’s health blockchain is mostly focused on insurance claims, and the People’s Insurance Company of China (PICC) has partnered with VeChain.


Bank of China officially launches insurance blockchain - Ledger Insights

 

[JSCh]

Blockchain alliance established in Shanghai to facilitate trade and finance
By Xie Jun and Chi Jingyi Source:Global Times Published: 2019/11/7 12:48:40 Last Updated: 2019/11/7 13:41:52

The Shanghai free trade zone. Photo: Xinhua

Local Shanghai government departments and financial companies have jointly established a blockchain alliance in Shanghai's E-port area to push the application of blockchain technologies to the city's international trade.

An E-port area blockchain alliance written proposal was signed by the Shanghai Municipal Commission of Commerce, Shanghai Customs and representatives from six bank branches in Shanghai, including the People's Bank of China and the Bank of Communications, on Thursday during the second China International Import Expo (CIIE).

Decentralization and distributed accounting features mean that blockchain is a technology that promotes information sharing, thereby improving the coordination of relevant parties in international trade, Chen Huifang, a professor at the College of Information Science and Electronic Engineering of Zhejiang University, told the Gloabl Times on Thursday.

"Blockchain technology increases the reliability of information, thus improving the efficiency of customs clearance, reducing costs and promoting trade facilitation," said Chen.

Blockchain technology has been applied in several free trade zones (FTZs) in China, aiming to improve administrative efficiency, enhance trade convenience and increase mutual trust among parties through blockchain-based transactions.

Ye Jian, an official from the General Administration of Customs of Shanghai, said that the application of blockchain technology can be seen as another move under China's vow to optimize its business environment.

"This is the first blockchain application project in customs and the first service project for the CIIE. China upholds multilateral trade and constantly improves its business environment by seeking technological innovation," said Ye.

China said at the CIIE that it will uphold the multilateral trading system and promote the construction of an open world economy. In the current world economic landscape, unilateralism and protectionism are on the rise, and economic globalization is encountering setbacks. The authority and effectiveness of the multilateral trading system are being challenged.

The cutting-edge blockchain technology has already been applied to a number of business areas involved in Shanghai's international trade. These areas include digital insurance, the digital supply chain, the Internet of Things and intelligent manufacturing, said Shen Weihua, deputy director of the Shanghai Municipal Commission of Commerce.

According to Shen, Shanghai utilized blockchain technologies for the newly launched cross-border yuan trade financing services for the city's single window system. This application has helped solve information imbalance issues during the process of trade financing.

Shanghai is only one example of blockchain application for finance in China. At the end of October, a cross-border financial blockchain service platform was piloted in Nanning, South China's Guangxi Zhuang Autonomous Region.

Chinese President Xi Jinping recently stressed that the application of blockchain technology plays an important role in China's technological innovation and industrial change. He also said that China should view blockchain as an important breakthrough in core technological innovation.

Qi Hong, vice director of China Construction Bank's Shanghai branch, told the Global Times that the application of blockchain in finance is still in its trail phase in China.

"We now use blockchain in sporadic financial products instead of the whole finance industry chain, and the public don't have a sound understanding of the technology when it comes to financing. But I think the government's call for blockchain construction will help push the technology's application in a more comprehensive way."

She also said that the China Construction Bank will continue to use blockchain to enhance its management and reduce costs.

 

[JSCh]

HK to be cryptocurrency testing field
By Li Xuanmin and Wang Bozun Source:Global Times Published: 2019/11/6 21:43:40

Part of move to develop innovative fintech

The Hong Kong Stock Exchange building on July 11 Photo: VCG

The Hong Kong Securities and Futures Commission (SFC) launched a position paper on virtual currency exchange platform regulation on Wednesday, a move meaning that a legitimate virtual property trading exchange is a step closer in the special administrative region, which will help the financial hub consolidate its position, industry insiders said.

Some of them noted that the move reflects a shift in the philosophy of Chinese regulators facing competition from Libra.

According to the paper on the SFC's official website, qualified virtual asset platform operators that comply with other licensing requirements could be granted a license to conduct virtual asset transactions by the SFC.

The SFC also released a warning on the same day, noting that virtual asset futures asset exchanges would be banned.

"Now, Beijing aims to build Hong Kong into the largest testing ground for a cryptocurrency exchange and Shenzhen into a pilot one for a central bank-backed digital currency. If China's digital currency is launched, then it could be listed in Hong Kong exchanges that target global market," an industry insider close to the matter, who spoke on condition of anonymity, told the Global Times.

He noted that in such a way, the digital currency/electronic payment system of the People's Bank of China (PBC), the central bank, could gain a wider user base to compete head-to-head with Libra, which is being developed by US technology company Facebook.

Authorities in the Chinese mainland imposed a complete ban on initial coin offerings and cryptocurrency trading exchanges in September 2017, due to concerns over financial risk.

Following the decision, most cryptocurrency exchanges founded in the mainland moved to overseas locations.

Shentu Qingchun, CEO of Shenzhen-based blockchain company BankLedger, said that policymakers may have realized that such a sweeping measure is not conducive to the Chinese fintech industry's development and are taking steps to minimize the negative impact.

"Hong Kong may just be the first example to allow the setting up of virtual property trading exchanges. Shenzhen and South China's Hainan Province may be the next to start legitimate virtual currency trading," Shentu told the Global Times on Wednesday.

Following the announcement, Shentu plans to move the company's digital currency trading center dfex.com back to Hong Kong. The exchange was originally set up in Malaysia.

Other cryptocurrency industry insiders in the mainland were also excited by the news. Some told the Global Times that they have started to look for partners in Hong Kong.

Apart from the potential move of legalizing virtual property trading, financial authorities from the mainland have also been strengthening cooperation with Hong Kong in various sectors recently, moves that experts said could help the financial hub consolidate its position amid months of riots in the city.

On Wednesday, Hong Kong also forged cooperation with the Chinese central bank to promote the application of blockchain technology in its finance sector, the Hong Kong Monetary Authority (HKMA) announced.

On its website, the HKMA said that a memorandum of understanding was signed between the subsidiaries of Hong Kong Interbank Clearing and the Institute of Digital Currency of the PBC to conduct a proof-of-concept trial, aiming to connect eTradeConnect and the Trade Finance Platform of the PBC.

"Once the connection has been successfully established, it will provide firms in both regions with more convenient trade finance services and will enable banks in Hong Kong to expedite the expansion of their trade finance businesses," the HKMA said.

"[Blockchain applications including] digital currency are an irresistible trend. As an international financial hub, Hong Kong needs to develop this technology," Liang Haiming, dean of the Belt and Road Institute at Hainan University, told the Global Times on Wednesday.

As Hong Kong has plagued by unrest caused by anti-government protesters and rioters, its financial stability and development have been doubted by certain Western countries, but Liang said that "cooperating with the mainland, which has already taken the lead, will help Hong Kong consolidate its position."

Liang noted that Hong Kong and the mainland complement one another in the application of blockchain in the financial sector.

"Hong Kong looks to the mainland's vast talent pool and technology with regard to blockchain, while the mainland is keen to utilize Hong Kong's international market," Liang said.

Shen Weiduo and Wang Wenwen contributed to the story

 

[JSCh]

SAFE expands pilot blockchain platform
Source:Global Times Published: 2019/11/11 20:38:40

Photo: IC

China's State Administration of Foreign Exchange (SAFE) has expanded its pilot cross-border financing blockchain platform to cover 19 provinces and cities, up from nine, a move that experts said will help China to leverage blockchain technology to provide better cross-border financial services with higher transaction security and lower costs.

Launched by SAFE in March, the platform currently has the highest level and most extensive scale in the country. It provides accounts receivable financing services for exports and information verification of companies doing cross-border business. It processed 6,370 transactions as of the end of October, including issuing $6.8 billion worth of loans. Its client list has reached 1,262 companies, 70 percent of which are small and medium-sized enterprises, according to a report by the Shanghai Securities News on Monday.

Cao Yin, an analyst in the blockchain sector, told the Global Times on Monday that the application of blockchain is a "milestone" in the cross-border financing and export trade, as it replaces human labor in traditional financial institutions with a cryptographically secure and tamper-proof system.

"The traditional financial processes, which require a lot of human labor to carry out information verification and authorization, leave a lot of room for financial fraud," Cao said.

"But as the blockchain system promises a decentralized and encrypted track of each capital flow, it leaves potentially little to no space for human mediation," he added.

Apart from offering a new mechanism of trust that's an alternative to traditional financial institutions, the blockchain platform is significantly improving financing conditions for Chinese exporters by reducing processing time and providing real-time supervision, Cao noted.

The processing time for transactions has been reduced to 15 minutes from one to two days. The increase in the efficiency of transaction processing was powered by technologies provided by a blockchain-registry-open-platform from the ZhongChao Blockchain Technology Research Institute based in Hangzhou, capital of East China's Zhejiang Province.

Since its launch in March, the platform has been received with enthusiasm in the market. As of late October, apart from local bureaus of SAFE in the 19 provinces and cities, all branches of 20 commercial banks in those places have been allowed to operate on the trial platform, according to Shanghai Securities News.

The state-level platform is set to be one of the two most influential blockchain projects in China's financial sector alongside the Greater Bay Area trade finance blockchain platform that was launched by the country's central bank.

 

[JSCh]

Alibaba, Ethiopia sign MoU on eWTP to boost digital economy
Source: Xinhua| 2019-11-26 19:48:39|Editor: huaxia

Ethiopian Prime Minister Abiy Ahmed (L) shakes hands with Alibaba Group Founder Jack Ma (R) in Addis Ababa, capital of Ethiopia, Nov. 25, 2019. (Xinhua/Michael Tewelde)

The Chinese e-commerce giant, Alibaba Group, and Ethiopia have signed a memorandum of understanding (MoU) for the creation of Electronic World Trade Platform (eWTP). Ethiopia will become the gateway for Africa to join globalization by e-commerce platforms, which will inspire the whole Africa to grasp the opportunities of the digital economy.

ADDIS ABABA, Nov. 26 (Xinhua) -- The Chinese e-commerce giant, Alibaba Group, and Ethiopia on Monday signed a memorandum of understanding (MoU) for the creation of Electronic World Trade Platform (eWTP), which is believed to be a game-changer initiative with the digital economy of the East African country.

The eWTP was proposed by Jack Ma, founder of Alibaba, in 2016. It aims to set up an open platform for private enterprises and coordination among international organizations, governments and social groups which focus on the development of SMEs as well as trade. It was included in the communique of the G20 Summit in Hangzhou.

The documents of the MoU include eWTP framework, digital capacity building, and building comprehensive digital hub.

Witnessed by Ethiopia's Prime Minister Abiy Ahmed, the Chinese Ambassador to Ethiopia, Tan Jian, and the founder of Alibaba, Jack Ma, among other dignitaries, the agreement was signed by Ethiopia's Minister of Innovation and Technology, Getahun Mekuria and Alibaba Group Director and Ant Financial Services Group Chairman and CEO, Jing Xiandong.

The Alibaba Group said it has keen interest to working with entrepreneurs and SMEs from Ethiopia and other African nations to seize the opportunities provided by the digital era.

Ethiopian Prime Minister Abiy Ahmed (C) is seen with Alibaba Group Founder Jack Ma (R) in Addis Ababa, capital of Ethiopia, Nov. 25, 2019. (Xinhua/Michael Tewelde)

Stating that Ethiopia would be the gateway to Africa to join the globalization because of the digital economy, Jack Ma said, "I believe in digital economy, and I believe in the small businesses in Ethiopia, young people in Ethiopia, entrepreneurs in Ethiopia will go to the world, will trade with the world, business with the world and partner with the world because of this digital economy."

"The success of Ethiopia will not only inspire Ethiopian young people, it will also inspire the whole Africa to grasp the opportunities of digital economy," he said.

Reiterating the huge role of the initiative in introducing best practices and helping access to varied information, the Prime Minister of Ethiopia said the initiative would enable his country to achieve its vision of becoming one of the top five African economies over the coming 10 years.

"The eWTP creates a fair playing ground for small and medium enterprises, enabling them to access information about export, about opportunities, access to trade and finance and logistics," the premier has said.

"Taking eWTP as one of the e-commerce platforms, Ethiopia aims to facilitate the development of e-trade and the digital economy through the development of e-trade infrastructure and adoption of best practices," said Ahmed, adding that the initiative is a game-changer.

Speaking on his part, Tan Jian, Ambassador of China to Ethiopia, noted that the initiative of the Alibaba Group would help Ethiopia address poverty, make efficient trade and improve business doing among others, giving new impetus to the ongoing rapid economic growth.

 

[JSCh]

Rwanda, Alibaba discuss expanding cooperation to financial technology
Source: Xinhua| 2019-11-29 00:09:19|Editor: zh

Rwanda's President Paul Kagame (R) meets with Alibaba Group Director Eric Jing, who is also Chairman and CEO of Alibaba's affiliate Ant Financial Services Group, in Kigali, capital of Rwanda, on Nov. 27, 2019. Rwanda and China's technology giant Alibaba have discussed deepening cooperation on Electronic World Trade Platform (eWTP) and expanding the cooperation to technology sector such as financial technology, Alibaba said Thursday. (Office of the President of Rwanda/Handout via Xinhua)

KIGALI, Nov. 28 (Xinhua) -- Rwanda and China's technology giant Alibaba have discussed deepening cooperation on Electronic World Trade Platform (eWTP) and expanding the cooperation to technology sector such as financial technology, Alibaba said Thursday.

The discussion was held during a meeting between Rwanda's President Paul Kagame and Alibaba Group Director Eric Jing in Rwandan capital city Kigali on Wednesday, said Alibaba's statement.

Kagame and Jing, who is also Chairman and CEO of Alibaba's affiliate Ant Financial Services Group, agreed that the technology cooperation will be the next priority in their cooperation, said the statement.

Blockchain remittance network, which can ease remittance from overseas to Rwanda, and QR code, a technology that provides convenience to tourists when spending money, could be introduced in the potential technology cooperation, Alibaba said.

Kagame in the meeting also appreciated the existed cooperation with Alibaba.

Rwanda and Alibaba launched the eWTP in October 2018, making the former the first African country to launch the platform. The launching ceremony also saw the signing of MOUs in the areas of e-commerce, tourism, e-payment and capacity building, under the framework of eWTP.

The eWTP was proposed by Jack Ma, founder of Alibaba, in 2016. It aims to set up an open platform for private enterprises and coordination among international organizations, governments and social groups which focus on the development of SMEs as well as trade.

 

[JSCh]

SAFE to accelerate blockchain platform construction in 2020
Source:Global Times Published: 2020/1/5 14:23:02

File Photo: Xinhua

China's State Administration of Foreign Exchange (SAFE) will accelerate the construction of a cross-border platform to offer blockchain services in finance in 2020, and strengthen protection against state financial risks, according to a SAFE conference on planning work for 2020.

SAFE's conference also noted the importance of protecting the financial system from external risks, especially from cross-border transactions. SAFE aims to stabilize the security of China's foreign exchange reserves, deepen the reforms to delegate power, streamline administration and optimize government services.

The cross-border blockchain platform for financial services was launched by SAFE in March 2019, and has been undergoing its trial stages in 17 provinces and municipalities. It is expected to lower the financing barriers for small to medium enterprise, according to a report by Economic Information Daily.

As of December 20, the platform served a total of 1,590 companies. So far, it is the only state blockchain platform in China registered with the Cyber Administration of China, the report said.

 

[JSCh]

Jan 9
Baidu’s “Xuperchain” launch is just the beginning of China’s blockchain rush

Baidu, the search engine often called the Google of China, has launched a public beta version of its blockchain service for businesses, called Xuperchain, according to a local report.


...

Baidu’s “Xuperchain” launch is just the beginning of China’s blockchain rush - MIT Technology Review

 

[JSCh]

Majority of Chinese banks to get fintech solutions from cloud market by 2024: report
Source: Xinhua| 2020-02-16 15:35:07|Editor: huaxia

BEIJING, Feb. 16 (Xinhua) -- By 2024, some 80 percent of China's banks will purchase and integrate financial technology (fintech) solutions from the cloud market, global market intelligence firm International Data Corporation (IDC) has predicted.

China's financial industry has actively embraced a new generation of information technologies such as cloud computing, big data, artificial intelligence, mobile Internet and the Internet of Things, the IDC said in its latest report on China's financial digital transformation.

The sector's IT spending is expected to continue its expansion and reach 220.8 billion yuan (about 31.61 billion U.S. dollars) by 2020, said the report.

The report predicted that 20 percent of bank transactions will be pre-settled via digital platforms by the end of 2020, with the integration of physical experience and digital experience.

Some 30 percent of China's insurance companies will cooperate with at least three insurance technology companies by 2021, the report said, while 40 of China's banks will cooperate with financial technology challengers in the cloud ecosystem by 2022.

By the end of 2022, 35 percent of insurance companies will use artificial intelligence technology and voice interaction to automate the claim settlement process, said the report.

 

[Zane_K]

Majority of Chinese banks to get fintech solutions from cloud market by 2024: report
Source: Xinhua| 2020-02-16 15:35:07|Editor: huaxia

BEIJING, Feb. 16 (Xinhua) -- By 2024, some 80 percent of China's banks will purchase and integrate financial technology (fintech) solutions from the cloud market, global market intelligence firm International Data Corporation (IDC) has predicted.

China's financial industry has actively embraced a new generation of information technologies such as cloud computing, big data, artificial intelligence, mobile Internet and the Internet of Things, the IDC said in its latest report on China's financial digital transformation.

The sector's IT spending is expected to continue its expansion and reach 220.8 billion yuan (about 31.61 billion U.S. dollars) by 2020, said the report.

The report predicted that 20 percent of bank transactions will be pre-settled via digital platforms by the end of 2020, with the integration of physical experience and digital experience.

Some 30 percent of China's insurance companies will cooperate with at least three insurance technology companies by 2021, the report said, while 40 of China's banks will cooperate with financial technology challengers in the cloud ecosystem by 2022.

By the end of 2022, 35 percent of insurance companies will use artificial intelligence technology and voice interaction to automate the claim settlement process, said the report.

Go China..!

Go Bitcoin ( BTC )

Go Monero ( XMR ) ..possibly

Rest of the crypto’s? Nah...

 

[JSCh]

20 Mar 2020 | 15:00 GMT
China Launches National Blockchain Network in 100 Cities
Proponents say it will reduce the cost of doing blockchain-based business by 80 percent
By Nick Stockton

Next month, an alliance of Chinese government groups, banks, and technology companies will publicly launch the Blockchain-based Service Network (BSN). It will be among the first blockchain networks to be built and maintained by a central government. Think of it like an operating system, where participants can use existing blockchain programs, or build their own bespoke tools, without having to design a framework from the ground up.

The BSN’s proponents say it will reduce the costs of doing blockchain-based business by 80 percent. By the end of 2020, they hope to have nodes in 200 Chinese cities. Eventually, they believe it could become a global standard.

....

China Launches National Blockchain Network in 100 Cities - IEEE Spectrum

 

[JSCh]

Ant Group unveils new blockchain brand
Source: Xinhua| 2020-07-24 01:00:01|Editor: huaxia

HANGZHOU, July 23 (Xinhua) -- Ant Group, a leading provider of financial services technology in China, on Thursday officially launched a new brand, called AntChain, for the company's blockchain-based solutions.

Since 2015, Ant Group has been investing significantly in the research and development of blockchain technologies to strengthen transparency and build trust in industries that traditionally involve large numbers of participants and complex processes.

According to a report released by the Patent Protection Association of China, AntChain holds the most blockchain patents worldwide with 212 patents as of May 14.

Ant Group has the largest productivity blockchain platform in China, with the ability to process and support 1 billion user accounts and 1 billion transactions every day. Currently, over 100 million digital assets are uploaded onto AntChain on average every day.

Ant Group also unveiled AntChain Station, an all-in-one workstation that reduces the deployment time of the company's blockchain-based solutions by as much as 90 percent. This enables enterprise clients to set up AntChain within an hour, which is significantly lower than the previous average set-up time of 10 hours.

 

[JSCh]

State TV explains China's Digital RMB
2020-08-17 7:57:23 GMT+8 | cnTechPost

In a program broadcast on August 16, state-owned television station CCTV said that China's digital currency is equivalent to "electronic RMB cash" and that users can use it without a signal on their mobile phones, as long as they have a digital currency wallet.

On August 14, China's Ministry of Commerce released a document announcing Digital RMB pilot areas, consistent with the previous People's Bank of China - China's central bank, which mentioned that it would first conduct internal closed pilot tests in Shenzhen, Suzhou, Xiongan New Area, Chengdu and future Winter Olympics venues.

China's fiat digital currency, CCTV reports, is the result of PBOC's combination of digital currency and electronic payment instruments, with the goal of replacing some of the cash.

Simply put, the PBOC digital currency can be seen as digitized RMB cash, the report said.

In terms of usage scenarios, PBOC's digital currency does not pay interest and can be used in small, retail and high-frequency business scenarios, which is not much different from using paper money. It is not dependent on bank accounts and payment accounts, and can be used as long as the user is equipped with a digital currency wallet.

Not only that, but the central bank's Digital RMB uses the latest offline technology that allows it to be used even when there is no mobile phone signal.

It's important to note that even though Digital RMB is already in the pilot testing phase, that doesn't mean it's ready to go live. The theoretical reliability, system stability, risk controllability and other aspects need to be tested before it can be officially launched.

PBOC has repeatedly stated that there is no timetable for the launch of Digital RMB. If Digital RMB's pilot tests are successful, we may see it at the Beijing 2022 Winter Olympics.