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21 January 2021

China to Test 'Tap' Payments for Digital Yuan - Decrypt

China to Test 'Tap' Payments for Digital Yuan - Decrypt


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China’s ambitious digital currency will be used for transfers between two mobile phones using a simple “tap” feature this Friday, local publicationNikkei Asiareported today.

China’s digital yuan, officially the Digital Currency Electronic Payment (DCEP), is the country’s state-backed digital currency backed by the Yuan and overseen by the People’s Bank of China.

Testers will be“airdropped” the digital yuanand tap their smartphones with each other to transfer money—to supposedly replicate the experience of giving out cash in a traditional setting.

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