The Peopleâ€™s Bank of Chinaâ€™s upcoming digital yuan card will feature IDEX Biometrics and fingerprint scanning, according to regional reports. Chinaâ€™s â€œDigital Currency Electronic Paymentâ€ or DCEP is getting closer toward launch by the day. Last week, smart card manufacturer Chutian Dragon and IDEX Biometrics announced the companies are working on a digital yuan payments card.
Chinaâ€™s DCEP Will Boast Advanced Fingerprint Identification and Authentication Solutions
Chinaâ€™s DCEP continues to make headlines as the crypto asset and central bank-crafted network inches closer toward reality. As the digital yuan draws near, Bitcoin.com News reported on JD.comâ€™s employee participation, Tencent and Ant Groupâ€™s help, and Mastercard looking to engage with DCEP transactions. Additionally, reports had shown that the Peopleâ€™s Bank of China-run Digital Currency Research Instituteâ€™s, Ma Changchun, stressed that the DCEP would not be fully anonymous.
Now regional reports from China reveal that a new smart card specifically designed to work with the DCEP is being created and the card will feature biometrics. 8btc contributor Olusegun Ogundeji details that Chutian Dragon is one of the largest smart card makers in Asia and is collaborating â€œwith the Norwegian provider of advanced fingerprint identification and authentication solutionsâ€ provider IDEX Biometrics.
Ogundeji also notes that Chinese officials are hoping to launch the DCEP during Beijingâ€™s Winter Olympics in 2022.
â€˜Chinaâ€™s CBDC Is Ahead of the Game,â€™ Says IDEX Biometrics
China has been ahead of the game in comparison to the U.S. when it comes to a central bank digital currency (CBDC). In the companyâ€™s recent announcement about the DCEP project, IDEX Biometrics says: â€œChina is leading the way with digital currency electronic payment.â€
IDEX Biometrics further notes that a biometric payment card is essential for a CBDC network. â€œFor the average person, the new currency means lower bank or transaction charges and greater security from thieves and hackers. Stealing a traceable currency is less appealing than the anonymity of stealing a wallet but still possible â€“ without a biometric payment card,â€ the biometrics company explained this week.
The biometrics and fingerprint concepts most definitely indicate a lack of anonymity with Chinaâ€™s upcoming DCEP network. Moreover, the biometrics announcement follows the recent reports from the Dalian branch of the Peopleâ€™s Bank of China (PBoC).
8btcâ€™s Ogundeji says that the Postal Savings Bank of China (PSBC) and Dalian branch have started digital yuan trials in certain villages this week. â€œThe PSBCâ€™s Dalian branch has so far set up 224 stations in rural areas and completed 1,558 payment transactions,â€ the report concludes.
What do you think about Chinaâ€™s digital yuan smartcard and the biometrics features? Let us know what you think about this subject in the comments section below.
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