Bank of China trials offline payments for digital yuan via SIM cards
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The Bank of China, one of the largest state-owned banks in China, is currently conducting trials for a novel offline payment system that connects to SIM cards. This payment method is designed specifically for the digital yuan — China’s central bank digital currency (CBDC).
The July 10 announcement revealed the bank’s partnership with telecommunication operators China Telecom (NYSE:CHA) and China Unicom (NYSE:CHU), and its intention to commence testing the next day.
