Converting Chinese renminbi (RMB) into digital currency in a 1:1 ratio is possible with the announced new application (wallet) named “DC/EP” which stands for China’s national digital currency.

Matthew Graham, CEO of Sino Global Capital, tweeted about a new app launched by the Chinese government that is still in beta mode, which paves the way for the adoption and deployment of the Chinese digital currency and which allows “whitelisted” users of the Agricultural Bank of China (ABC) from regions Geographical “Shenzhen”, “Xiongan”, “Chengdu” and “Suzhou” from his experience.

This mobile application appears to allow the creation of links to other digital wallets.

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DC/EP original images, installation and interface *

Direct link for installation:

*You must be on the whitelist to register
** Not sure if it’s geo-fenced pic.twitter.com/sN7oa9P94F

– Matthew Graham (@mattysino) April 14, 2020

Corona virus and the fear of coins:

According to report Issued by SCMP, Internet searches for “virus” and “cash” have peaked in China, while a Jiangsu man recently attempted to disinfect cash in a microwave oven, burning a lot in the process.

The government was fighting hard against the spread of the Corona virus and coins were cleaned by laser sterilization.

Currently, about 85-90% of Chinese payments are made digitally via Alipay or WeChat pay, but they are not interoperable applications, while the DC/EP version will have to replace fiat currencies and power the new digital currency all over the world. across the country.

Moli, a Chinese researcher and writer, noted in Bitcoin magazine in February:

DC/EP will compensate fiat currency which means you can’t refuse to accept DC/EP, now it is very normal for some merchants/platforms to refuse to accept WeChat payment if they get Alipay or vice versa.

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Whereas, DC/EP transactions can be made when both transmitter and receiver are offline.

Molly explained that the previous SARS epidemic in China provided a boost to digital payments as people resisted cash in the country and thus increased the adoption of bank cards.

Blockchain-based digital currency and application:

You will enter the network (BSN), which abbreviates Block chain sthe service network, a blockchain platform created in collaboration with national agencies in China, will stage a global trading stage on Wednesday, April 25.

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The integration between the digital currency and BSN will allow a platform for open source development of blockchain-based applications.

Charles Edwards, founder of digital asset management firm Capitol, reacted to the new announcement, saying:

It is basically a centrally controlled application, with the ultimate goal of having a set of applications such as those built on Ethereum and also giving China a complete view of all transactions.

BSN’s technical paper plans to expand support for public blockchains such as Hyperledger Fabric, Ethereum, EOS, and XuperChain-based Baidu to offer a cost-effective way for developers to build financial and other blockchain-based applications.

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