Today Mu Changchun, director of the Digital Currency Research Institute at the People’s Bank of China, shared more information about the types of digital yuan wallets currently being developed for the central bank digital currency (CBDC) or eCNY trials, as reported by Sina Finance.
Mu confirmed that for lower transaction volumes, such as total daily spending of less than RMB 5,000 ($782), it’s possible to create a digital yuan wallet with just a mobile phone number. But as the volumes increase, proof of identity and a link to a bank account are required.
He elaborated on other digital yuan wallet features.
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