| -Chinese Postal Savings Bank has created a biometric hardware wallet for digital yuan payments. -Moreover, the biometric hardware wallet enables easy identity verification for users. -Recently, the Xiong’an branch of the Chinese Agricultural Bank also developed a hardware wallet for the digital yuan. |
The Postal Savings Bank of China has created a biometric hardware wallet for digital yuan payments, as per Xinhua news agency.
Chinese Bank Tests Biometric Hardware Wallet for Digital Yuan
With cryptocurrencies such as Bitcoin playing an increasingly great role in the payments ecosystem, countries worldwide are exploring the possibility of creating their own national digital currencies. Chinese banking firm has created a biometric hardware wallet for the country’s central bank digital currency.
Moreover, the biometric hardware wallet enables easy identity verification for users through fingerprint sensors on the card. Even more, consumers participating in the CBDC trials in Beijing can also use the card to access healthcare services.
The Postal Savings Bank of China added,
“It is much more convenient to enter and exit public places, and you can pay with just one touch. It is especially suitable for the elderly who have difficulty using smartphones.”
Further, over 70% of the world’s central banks are initiating the concept of central bank digital currencies (CBDCs). Now, the introduction of national CBDCs seems to replace cash with a layer of traceable digital money that provides a huge number of benefits to the payment system.
Recently, the Xiong’an branch of the Chinese Agricultural Bank also developed a hardware wallet for the digital yuan. In addition, the Bank also launched an ATM pilot program making citizens convert cash to the digital yuan.
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