Digital yen released for general use

Chinese banks have begun to provide access to digital currency for all customers. Sometimes you don’t even need to open an account for this.

Several banks in Shanghai have begun opening RMB digital wallets for individuals and businesses. Prior to this, e-currency was only available for limited trial periods, as well as for people who won a special state lottery.

Services began to be offered by the Industrial and Commercial Bank of China, the Construction Bank of China and the Bank of Communications, representatives of the companies have already noted that individuals can submit their applications. These banks have opened the service to individuals.

In Shanghai, individuals must provide information about themselves, phone number, information about the mobile operator. The bank will carry out data verification, which usually takes one to two weeks.

Corporations looking to open a digital wallet must first open a corporate bank account. However, some banks do not require this, they only need to provide a company ID and a business license.

“Technically speaking, there is no need to have a bank account at all to open a RMB digital wallet, since DCEP (Digital Currency Electronic Payment) is not linked to traditional bank accounts,” said Li Lianshuan, chief analyst at OK Group. … Banks may have other problems as well, such as risk control, and therefore need to provide an account, he said.

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Author: John Kessler
Graduated From the Massachusetts Institute of Technology. Previously, worked in various little-known media. Currently is an expert, editor and developer of Free News.
Function: Director

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