{"id":132914,"date":"2020-05-09T03:50:34","date_gmt":"2020-05-09T02:50:34","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=132914"},"modified":"2021-04-22T12:04:26","modified_gmt":"2021-04-22T11:04:26","slug":"leaked-photo-shows-the-alpha-version-of-china-construction-banks-dcep-app","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/leaked-photo-shows-the-alpha-version-of-china-construction-banks-dcep-app\/","title":{"rendered":"Leaked photo shows the alpha version of China Construction Bank\u2019s DCEP app"},"content":{"rendered":"<p>China\u2019s digital currency, the DCEP, is currently in the advanced testing phase, with leaked images showing that the China Construction Bank already runs the alpha version of its DCEP app. It is still unclear when the app will be officially launched.<\/p>\n<h2>Alpha version of the first DCEP app in the works<\/h2>\n<p>The crypto industry got the first glimpse of how China Construction Bank\u2019s new DCEP mobile app will look like when an image depicting the alpha version of the platform leaked on Chinese media.<\/p>\n<p><a href=\"https:\/\/twitter.com\/Excellion\/status\/1258723088427974662\">Shared<\/a> by Samson Mow, the CSO of Blockstream, the images show the alpha version of the app\u2014the platform features a simple wallet-like layout clearly showing the yuan balance, with several functions such as bar-code scanning and withdrawals placed in the top row.<\/p>\n<figure style=\"width: 1080px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/gaxoue2GgzBQ3ZhKLW9Ugh89PYKSku0CQCAxqva6Ps2mCofYi5xQxi5gqMpDFUlxaP4tALvM339TbRfH0LPG4a4LhJjzyHrv7My22ArBU8EJKO03VKwahUnaUD-1NIPbpbmXmnNY\" alt=\"Image showing the alpha version of China Construction Bank\u2019s DCEP app\" width=\"1080\" height=\"1392\" \/><figcaption class=\"wp-caption-text\">Image showing the alpha version of China Construction Bank\u2019s DCEP app. <i>(Source: Twitter)<\/i><\/figcaption><\/figure>\n<p>First published on Jinse, a Chinese blockchain news platform, the leaked image doesn\u2019t give any further information on what some of the app\u2019s other features might be.<\/p>\n<p>While it\u2019s hard to verify the authenticity of the image, it does look very much like the DCEP app reportedly being developed by the Agricultural Bank of China. Chinese blockchain media site BlockBeats <a href=\"https:\/\/www.theblockbeats.com\/news\/15355?from=timeline&isappinstalled=0\">reported<\/a> that the first leaked images of the bank\u2019s DCEP began circulating through WeChat at the beginning of March.<\/p>\n<p><a href=\"https:\/\/twitter.com\/mattysino\/status\/1250129512173432832\">According to<\/a> information shared by Matthew Graham, the CEO of Sino Global Capital in April, the application can be downloaded by those whitelisted by the government. The images showed that the app was currently in its beta version, but aside from branding with logos of the Agricultural Bank of China, details about its functionality remained unclear.<\/p>\n<figure style=\"width: 667px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/AheS2T1Y-L8rfwhAOZ2ydtZumfYFHibaVd2u76PxL9i_gvIR8lUw1WKPUy7FnTezFh7UiJrp5iW0cSmyFhlLB346WEKh7qVdBgOlZ1rPWlTC364yUPAO7oUitRlTMbO0VMVsdLkz\" alt=\"Images showing the beta version of the Agricultural Bank of China\u2019s DCEP app\" width=\"667\" height=\"527\" \/><figcaption class=\"wp-caption-text\">Images showing the beta version of the Agricultural Bank of China\u2019s DCEP app. <i>(Source: <\/i><a href=\"https:\/\/www.theblockbeats.com\/news\/15355?from=timeline&isappinstalled=0\"><i>BlockBeats<\/i><\/a><i>)<\/i><\/figcaption><\/figure>\n<h2>China\u2019s push for a digital yuan is coming to fruition<\/h2>\n<p>China has been at the forefront of CBDC development ever since its president, Xi Jinping, announced the country\u2019s plan to prioritize blockchain technology in the following years. After much speculation of how the country\u2019s central bank digital currency (CBDC) will look like, first reports of China\u2019s major banks testing out the new payment system began popping up in crypto media.<\/p>\n<p>The People\u2019s Bank of China (PBoC), as well as tech giants such as Tencent, Baidu, and Huawei have all been deeply involved with the launch of the country\u2019s Digital Currency Electronic Payment (DCEP).<\/p>\n<p>Earlier in April, the first mobile wallets enabled to work with DCEP were introduced, and banks such as the Agricultural Bank of China, Bank of China, the Industrial and Commercial Bank of China, and China Construction bank all reportedly tested the digital yuan.<\/p>\n<p>According to the Bank of International Settlements (BIS), the timing of these launches could not be any better. The BIS <a href=\"https:\/\/www.bis.org\/publ\/bisbull03.pdf\">wrote<\/a> in a bulletin published Apr. 3rd that the outbreak of the COVID-19 across the world has accelerated the public\u2019s distaste for cash, giving more prominence to central bank digital currencies:<\/p>\n<blockquote><p>\u201cThe pandemic may hence put calls for CBDCs into sharper focus, highlighting the value of having access to diverse means of payments, and the need for any means of payments to be resilient against a broad range of threats.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>China\u2019s digital currency, the DCEP, is currently in the advanced testing phase, with leaked images showing that the China Construction Bank already runs the alpha version of its DCEP app. It is still unclear when the app will be officially launched. Alpha version of the first DCEP app in the works The crypto industry got [&hellip;]<\/p>\n","protected":false},"author":106,"featured_media":132929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76747,11,32631],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Leaked photo shows the alpha version of China Construction Bank\u2019s DCEP app<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/leaked-photo-shows-the-alpha-version-of-china-construction-banks-dcep-app\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Leaked photo shows the alpha version of China Construction Bank\u2019s DCEP app\" \/>\n<meta property=\"og:description\" content=\"China\u2019s digital currency, the DCEP, is currently in the advanced testing phase, with leaked images showing that the China Construction Bank already runs the alpha version of its DCEP app. It is still unclear when the app will be officially launched. Alpha version of the first DCEP app in the works The crypto industry got [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/leaked-photo-shows-the-alpha-version-of-china-construction-banks-dcep-app\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-09T02:50:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-22T11:04:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/05\/china-money-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Priyeshu Garg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Priyeshu Garg\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/leaked-photo-shows-the-alpha-version-of-china-construction-banks-dcep-app\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/leaked-photo-shows-the-alpha-version-of-china-construction-banks-dcep-app\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/#person\",\"name\":\"Priyeshu Garg\",\"url\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/author-priyeshu-garg-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/author-priyeshu-garg-300x300.jpg\",\"caption\":\"Priyeshu Garg\"},\"jobTitle\":\"Analyst\",\"description\":\"Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. 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