The new Peoples Bank of China (PBOC) e-CNY app has scored a 4.4 out of 5 in China’s Apple App Store, and Richard Turrin, in his review, concurs (5 out of 5 actually). If the e-CNY is going to be accepted it’s got to bring something to the table in addition to what’s offered by Alipay and WeChat Pay, and Richard runs through the major new features that will be important enough that they’ll get some to change. These include:
- Unlimited spending limits for e-CNY wallets that fulfill the highest level of know-your-customer (KYC), versus Alipay personal accounts that top out around RMB 20,000 (about $3,000).
- The ability to set spending limits not just on the entire account but on all of the sub-wallets, a money management feature that the other payment platforms don’t have.
- Payments of less than RMB 2000 ($300) are anonymous! There is no equivalent for the other payment platforms or even western credit cards.
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The CBDC Think Tank (CBDCTT) is hosting an in-person CBDC Workshop in Washington DC on February 24. It’s an intensive and hands-on CBDC course for central bank leadership and staff that are looking to understand and position for CBDCs. The workshop is a mix of lectures from CBDC experts and hands-on exercises. Certification of completion will be provided by the CBDCTT. Note that it is open only to staff from the official sector, such as central bank and finance ministry staff! [Register here]