China will be supported by MYbank to Expand Digital Yuan Trial

It was towards the end of the year 2020 when the Central Bank of China had revealed that it was going to launch the digital-yuan before 2021. Therefore, the Central Bank of China is reportedly expediting the process and bringing in more power to the project.

The Central Bank of China is achieving this by bringing in more banks into the CBDC pool. The regulator is doing this in order to bring more exposure to the digital asset so it can be trialed out to more citizens in China.

This is the reason why the Chinese Central Bank has approached two different private banks in the country. These banks will play a key role in the circulation of the digital-yuan, bringing in more exposure for the asset. The banks will be involved in the promotion and advertisement of the digital-yuan among their customers and client.

The reports of the recent listings made by the Central Bank of China have been revealed by Bloomberg on Monday, February 22, 2021. The firm has reported that the banks that have been listed by the Central Bank of China are WeBank and MYbank.

According to the reports, these private banks will be assisting the People’s Bank of China in the digital-yuan exposure process. These banks will be rolling out the digital-yuan among their clients/users by adding more participants to the pilots.

The initial plans of the participation of the two banks for the central bank digital currency (CBDC) have also been laid out. For MYbank, it has been revealed that the bank’s service will be integrated into the application for the digital yuan. It has been confirmed that the digital yuan application has been designed and developed by PBoC.

The plan also lays out that both; WeBank and MYbank will also be launching their e-wallets for the digital-yuan. However, the wallets developed and launched by these banks will have the same functionalities that are offered through wallets owned by the central banks in China.

It has been confirmed that PBoC is the firm responsible for developing and launching e-wallets for digital-yuan for the central banks. The central banks that currently have e-wallets include China Construction Bank, the Agricultural Bank of China, Bank of China, and the Industrial and Commercial Bank of China.

One of the spokespersons at MYbank shared the plan that the bank is going to follow in order to provide exposure to the digital-yuan. The spokesperson stated that in the initial phase, the bank will be rolling out the digital-yuan service only to the selected clients.

These clients will be the high-profile ones who tend to spend a lot of yuan for business purposes.