It is expected that transactions will be used in the next pilot phase of the digital yuan project in order to transfer funds without an internet connection on both sides. This is reported by 8btc with reference to the Director of the CBDC China Institute.
Changchun Mu said that the application „is fully developed and has a user-friendly interface“.
According to the official, public enthusiasm for participation in the pilot project initiated by the Shenzhen Municipal Government has exceeded his expectations.
On 12 October, the city authorities distributed 50,000 „red envelopes“ The winners received 200 digital yuan each, with the opportunity to spend money at 3,389 outlets.
Almost 2 million Shenzhen citizens have applied for the lottery.
The experiment was the first option to Bitcoin Era test a payment system based on the digital currency of China (DCEP) with public participation. According to Mu, the pilot used relatively simple payment-related CBDC functions.
Previously, the People’s Bank of China had chosen large companies and state financial institutions for the test.
The fact that the developers of the DCEP application will provide for offline transfers between mobile phones became known after the pilot was completed in Shenzhen.
Dovi Wan, managing partner of Primitive Ventures, believes that with the transition to DCEP, the central bank will gain even greater control over monetary policy.
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