In China, many strong-hold operators of the telecom industry are adopting Central Bank Digital Currency (CBDC). A recently conducted research report shows that the Digital Yuan revolution has attracted the attention of many Chinese telecom firms and they are embracing the digital currency.
Chinese Telecom Operator’s Attitude Toward CBDC
According to the report given by EY, the People’s Bank of China (PBoC) is on the verge to bring Chinese significant telecom operators i.e., China Unicorn and China Telecom into a pilot project. Cryptocurrency has made its place in the market and expanding day by day. To be in the crypto market, China introduced its digital currency named Digital Yuan and conducted pilot tests for better regulation. Following the trend, now different telecom validators in China seem to be interested in Digital Yuan and willing to embrace the Digital Yuan revolution.
People’s Bank of China claimed that the initiative taken by telecoms would boost the adoption of CBDC. A couple of weeks back, the central bank of China issued Digital Yuan’s hard wallet solutions based on offline SIM cards. The solution would enable users to pay with Central Bank Digital Currency (CBDC) even during the down network coverage. Currently, the proposed solution would be available on Android cell phones which would work on even 2G network-supported cell phones.
Reasons behind Telecom’s Acceptance of the CBDC Revolution
The main factor behind this dynamic strategy is that it would assist in the digital divide and would boost the financial status of the telecoms. Secondly, it is believed that SIM card-based wallets are best known for their advanced key security system and management functions. Moreover, they have better security systems as compared to software-based solutions.
Major telecoms in China has already admired and accepted the CBDC revolution and other are following the same suit. It is believed that telecom firms are on the verge to integrate the CBDC (Digital Yuan) to their IoT (Internet of Things) offerings and 5G.
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