China Construction Bank (CCB), one of the largest state-owned banks in China, has launched e-wallet registration for the digital version of the yuan in its official application. Now not only companies and some government agencies, but also individuals in China will be able to use cryptocurrency.
The digital yuan is an electronic version of the yuan that does not have a physical embodiment in the form of banknotes or coins and operates on a distributed database – blockchain. Using an electronic wallet, you can make payments, pay off debts, transfer money and top up your card. The bank assigns each wallet an individual number associated with client information.
The digital currency can become a competitor to the dollar, as it allows transactions to be carried out more quickly than through the outdated dollar payment systems SWIFT and CHIPS.