Bank of China Starts Offline Payment Trial For Digital Yuan Via SIM Cards
Nowadays you may hardly find any person who does not have a smartphone. Everyone uses apps and has an internet connection. Still are you always online? If not, it can be a barrier to increasing the user base of CBDC if people cannot use it offline.
The Bank of China is working on it and starting a trial of offline payment for Digital Yuan via SIM cards. People can make payments without an internet connection. The Bank of China made partnerships with two major telecom operators China Telecom and China Unicom.
They are working together to introduce offline payments for Digital Yuan via SIM cards. In the trial, they use specific Android phones. They select some specific areas to launch this trial. Users need to integrate the Digital Yuan app with “super SIM cards” to make payments.
Users need to bring phones near the point of sale terminals. Even it is possible to make payments with Digital Yuan offline without turning the phone on. It will be more convenient and secure. They are exploring more options to make it easy for everyone so that more people use it.
Not only in China, the way everything moves forward in other parts of the world, it is difficult to avoid Central Bank Digital Currency (CBDC). People always tend to accept something that is easy and convenient. But what we are losing to get that, we have to think that seriously.
You have money. How you use your money, that decision is yours. With CBDC, things can move in other directions. Are people willing to sacrifice their freedom and give more control to the central authority? Glad that we have cryptocurrency.
CBDC is here and at the same time, cryptocurrency is not going anywhere. We may see more trials like offline payments with CBDC. Many counties are working on their own Central Bank Digital Currency. They will also explore different options to make it better and easy to use. Otherwise, the adoption rate of CBDC will be extremely low.
Image Sources: 1, and 2.
Reference: 1.
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It's an interesting model but would the mobile network be better than the internet? I am not really sure.
Yes, that's interesting. People will be able to make transactions without having a net connection. I don't like CBDC though.