China’s central bank has unveiled four specifications of digital wallets for the country’s prototype state-issued digital currency, the e-CNY.
Fast Facts:
- Wallets for the central bank digital currency, still known to many by its original project name, DCEP (Digital Currency Electronic Payment), will have differing levels of anonymity and limits on payments, according to a report by Caixin. They will be able to be divided between private and public wallets, to include sub-wallets authorized by the parent wallet, and to have both software and hardware custody carriers.
- The wallet with the highest level of anonymity that needs only a mobile phone number to activate it has a single payment limit of 2,000 yuan, a daily cumulative payment limit of 5,000 yuan, and a balance limit of 10,000 yuan. A wallet verified with an ID card and linked to a bank account will have a single payment limit of 50,000 yuan, a daily cumulative payment limit of 100,000 yuan, and a balance limit of 500,000 yuan.
- Individuals and households will be able to set up personal wallets, and other legal persons and unincorporated institutions will be able to set up public wallets. Transaction and balance limits will be determined on the basis of setup methods.
- Wallets for e-CNY will be either “soft” or “hard,” with soft wallets including tools such as mobile payment apps and hard wallets including integrated circuit cards and wearable devices.
