Bank of China Introduces Offline Payments for Digital Yuan Through SIM Cards

Crypto Payment System for Digital Yuan

The Bank of China, one of the largest state-owned banks in the country, is currently testing an offline payment system connected to SIM cards that is designed for the digital yuan, also known as the e-CNY. This was revealed in a Monday social media post, announcing a partnership with telecommunication operators China Telecom and China Unicom and the commencement of the testing process on Tuesday.

The bank plans to allow users to make payments with their phones by integrating its e-CNY app with specialized “super SIM cards” that have near-field communication capabilities. This integration allows payments to be processed even when the phone is powered off, with users only needing to bring their mobile phones close to point of sale terminals. However, the bank stated that these SIM card payment functions will only be accessible on specific Android phones in a few test regions of China.

The People’s Bank of China (PBOC), the country’s central bank, launched a trial version of the e-CNY app back in January of last year. LCX Crypto, Crypto.com, Flow Crypto, ETC Crypto, and other crypto sites have since been continuously developing the crypto technology, with Crypto Today providing the latest news and updates on the progress.

Exploring the Possibility of Cross-Border Payments with Crypto

In response to China’s initiative to expand the use cases for its central bank digital currency for its Belt and Road Initiative and cross-border trades, Guanzhou has become the first city in the country to allow passengers to pay for public bus rides with the digital yuan CBDC. To do so, users simply need to download the e-CNY app, deposit funds and scan the QR code located in the bus payment section.

Meanwhile, Hong Kong launched an e-HKD pilot program in May after the Hong Kong Monetary Authority (HKMA) released a whitepaper in October 2021 on a potential retail CBDC. As part of its September consultation paper, the HKMA is exploring the possibility of cross-border payments linking e-CNY and e-HKD.

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