Financial institution of China trials offline funds for digital yuan through SIM playing cards

The Financial institution of China, one of many largest state-owned banks in China, is at present conducting trials for a novel offline cost system that connects to SIM playing cards. This cost technique is designed particularly for the digital yuan — China’s central financial institution digital forex (CBDC).

The July 10 announcement revealed the financial institution’s partnership with telecommunication operators China Telecom (NYSE:) and China Unicom (NYSE:), and its intention to begin testing the subsequent day.

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