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February 18, 2024

Chinese Central Bank Unveils SIM Card-based Offline CBDC Wallet

The People’s Bank of China (PBOC) has unveiled an offline wallet for its Central Bank Digital Currency (CBDC), leveraging SIM cards in mobile devices. The new wallet, dubbed the “FX Tool”, is based on a mobile application and will allow users to perform transactions without the need to be connected to the internet, or connected to the PBOC’s digital currency system. Essentially, it creates a bridge between transactions and the CBDC, allowing users to store their digital currency in a secure environment. The PBOC said that the wallet will provide users with an added layer of security, as it will be integrated with the “Authorize and Monitor” platform of the PBOC. Users will also be able to use the wallet to transfer funds to and from their digital currency wallets, as well as receive and redeem payment coupons. The PBoC stated that the wallet is part of its efforts to promote the usage of its CBDC and drive its wider adoption among the general public.