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China tests new phone-free DCEP e-RMB card for helping rural poor: Kelly Le and Mengyuan Ge

Summary:
In what analysts say could be a “game changer” for China’s new digital currency as well as access by the nation’s rural poor, the People’s Bank of China this week tested out a “phone-free” digital yuan for the first time. According to People’s Daily, a hospital in Shanghai became the first testing ground for the Digital Currency Electronic Payment (DCEP) “hardware wallet” — a smart card-like device that can be used for payments with the digital yuan without needing a mobile phone or the internet.ForkaskChina tests new phone-free DCEP e-RMB card for helping rural poor: Kelly Le and Mengyuan Ge

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 In what analysts say could be a “game changer” for China’s new digital currency as well as access by the nation’s rural poor, the People’s Bank of China this week tested out a “phone-free” digital yuan for the first time. 


According to People’s Daily, a hospital in Shanghai became the first testing ground for the Digital Currency Electronic Payment (DCEP) “hardware wallet” — a smart card-like device that can be used for payments with the digital yuan without needing a mobile phone or the internet.


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China tests new phone-free DCEP e-RMB card for helping rural poor: Kelly Le and Mengyuan Ge

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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