The state-owned financial institution Bank of China has revealed a partnership with China Unicom and China Telecom in order to test SIM cards and near-field communication (NFC) payments tethered to the renminbi. The Bank of China explains that the pilot will be tested by selected users and areas and it currently only supports Android phones.
China Taking Digital Yuan Usage to SIM Cards and Contactless Transactions
China’s central bank digital currency (CBDC) called the “e-CNY,” otherwise known as the digital yuan or renminbi continues to see infrastructure growth. On July 10, the Bank of China announced that the country’s CBDC is being tested with SIM cards and NFC payments. Presently, the testing is being rolled out to select users and it will be gradually promoted in “selected pilot areas in the near future.”
The Bank of China reveals it has partnered with China Unicom and China Telecom in order to streamline the digital yuan toward “unlocking new capabilities.” The S
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