Financial institution of China pilots offline digital renminbi fee through SIM card

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Financial institution of China, one in all China’s largest state-owned banks, is at the moment testing a brand new offline fee system that connects to SIM playing cards. This fee methodology is designed solely for the digital renminbi, China’s Central Financial institution Digital Foreign money (CBDC).

Announcement on July 10 clearly The financial institution has partnered with carriers China Telecom (NYSE:) and China Unicom (NYSE:) and intends to start testing the subsequent day.

Screenshot of Financial institution of China’s social media announcement. Supply: WeChat

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