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Central bank to expand trials of digital RMB

A visitor (R) applies to access payment with digital Chinese yuan at the first China International Consumer Products Expo in Haikou, capital of south China’s Hainan Province, May 8, 2021. [Photo/Xinhua]

China’s monetary authorities will designate more payment service institutions to develop digital RMB electronic wallets with complicated functions, in order to satisfy various types of payment needs, said a senior official from the central bank.

For example, the digital RMB e-wallet with smart contracts, also known as a “smart wallet”, has a powerful feature that allows users to implement payment autonomously under certain conditions and rules, which can prevent the illegal withdrawal of funds deposited in prepaid accounts, according to Mu Changchun, director general of the Digital Currency Research Institute of the People’s Bank of China.

It was the first time that the nation’s leading designer of digital RMB, or e-CNY, disclosed various functions of the e-wallet, and he called it the…

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