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China Launches Digital Yuan 'Hard Wallet' Card Pilot Program

The People’s Bank of China (PBoC) have green lighted a physical card-wallet pilot to test its digital yuan. Coffee shop staff in a Shanghai-based university hospital was chosen as participants in the pilot.

Wallet Card Can Pay or Accept e-CNY Without Wi-Fi or a Mobile Connection

According to Tencent News, staff members at Shanghai Jiao Tong University School of Medicine’s Tongren Hospital used the digital yuan token to pay for food. They used a point-of-sale device and a physical card with a small screen in the top right corner.

China Launches Digital Yuan 'Hard Wallet' Card Pilot Program

The card reveals how much digital yuan remains in the wallet. Local media reports claim that the Postal Savings Bank of China is in charge of providing technical support. The “hard wallet” allows staff to buy products such as a cup of coffee or snacks.

One of the photos featured in Tencent’s article also shows a hospital staff member holding a card with 144.75 yuan on it and three offline payments available. The latter feature allows people to pay or accept e-CNY transfers without Wi-Fi or a mobile network connection.

Digital Yuan Tests Still Taking Place in Several Chinese Cities

So far, the digital yuan pilot programs have been underway internally in Chinese cities such as Shenzhen, Suzhou, Xiongan, Chengdu, preparing for the Winter Olympics — an event which is still scheduled to take place in 2022.

Although local experts have warned that there is still “a long way to go” before the token can be fully launched, PBoC officials believe that the digital yuan could be launched before the Olympic event.

The central bank aims to attract as many domestic and foreign spectators as possible to use the digital yuan. The Chinese government’s plans points towards reducing dependence on the USD.

Tags in this story
Central Bank of China, China, china cbdc, Digital Yuan, digital yuan giveaway, People's Bank of China, Shanghai, Winter Olympics

What do you think about the ongoing digital yuan tests? Let us know in the comments section below.

Felipe Erazo

Born in Colombia, Felipe earned a degree in journalism at the University of Chile with the highest honor in the overall ranking and holds a Bachelor of Arts in Social Communication. He is a writer with more than nine years of experience, first in the Forex field and later in the crypto industry as an analyst/news junkie. Among his interest topics include human rights, decentralization, financial markets, geopolitics, sports, and new technologies. An inveterate traveler, and always attracted to a good plate of food.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Tencent News

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