Numerous China-based, state-owned commercial banks are reportedly running a large-scale, global testing phase of a wallet for the nation’s upcoming digital yuan. 

Specifically, the banks are running testing phase for the wallet application, which facilitates funds transferring and payments execution, using China’s central bank digital currency (CBDC).

This initiative has reportedly been recognized as a newly achieved milestone, during the adoption process of the Chinese digital yuan in the country, and keeps on following the primary target decided by China’s central bank, the People’s Bank of China. 

On August 3rd, the PBoC has reportedly claimed that there should be proactive initiative for promoting the development of the digital yuan across China, as a part of the most focused tasks for the latter of 2020. 

Despite its current status, established as one of the nations with the strictest regulations when it comes to crypto, it is reportedly being the pioneer across the globe in designing a national digital currency. 

China’s central bank has reportedly been building its CBDC in a steady manner, which is mentioned as digital currency electronic payment. In April this year, China has reportedly achieved success status for the pilot phase of the project, across 4 urban areas – Shenzhen, Chengdu, Suzhou and Xiongan.