China reveals specifications for e-CNY digital wallet

The Central Bank of China has announced four specifications of its government-issued digital wallet e-CNY.

According to the Caixin, the central bank digital wallets will have different anonymity and payment limits. They are divided into private and public wallets, including secondary wallets that have been authorized by the parent wallet and have both software and hardware custody providers.

The wallet with the highest anonymity, which only needs a cell phone number for activation, has a one-time payment limit of 2,000 yuan (7.17 million VND), a daily accumulated payment limit of 5,000 yuan (almost 18 million VND) and the credit limit is 10,000 yuan ( almost 36 million VND).

Wallets that are verified with citizen identification and linked to a bank account have a one-time payment limit of 50,000 RMB, a daily accumulated payment limit of 100,000 RMB, and a balance limit of 500,000 yuan.

Individuals and households can set up private purses, and legal entities and organizations can set up public purses. Trading limits and balances are determined based on established methods.

Hardware wallet such as credit card from e-CNY

E-wallets for CNY will be either soft or hard wallets, with soft wallets including tools such as mobile payment applications and hardware wallets including integrated circuit cards and portable devices.

Khong Minh

According to AZCoin News

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page