The sovereign governments and their central banks across the world are pondering the essence and exploring the opportunities of CBDC (Central Bank Digital Currency) foreseeing a swift transformation phase in the prevailing finance system.

We know that China has been playing their role as frontrunner in the digital currency space and state-backed stablecoin, in the recent past, PBoC deputy chief divulged the Outlines of ‘DCEP’ (Digital Currency Electronic Payment, their native cryptocurrency). Huang Qifan, the vice chairman of the China International Economic Exchange Center, announced the name of the digital currency to be launched by the People’s Bank of China, DCEP.

For now, the renowned Chinese bank, the Agricultural Bank of China (ABC), has started piloting for an app that will be used for the CBDC when it fully launches.

The deputy chief of PBoC, said: “The currency is not for speculation. It is different to bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies.”

Coindesk reports that the testing application is compatible with iOS and Android mobile devices as well via a site on ABC's domain, offers a peek into the features that would be offered through a DC/EP wallet, including paying via a QR code, receiving and sending payments and initiating transactions by touching another user's phone.

Contemplating all these developments, the ‘Digital Yuan’ seems to be scheduled for the testing in 4 Chinese cities and the launch also appears to be on the cards in few days.