Media: Chinese will be able to store the national cryptocurrency on hardware wallets

This is evidenced by the data of the user agreement of one of the banks.

Users of China’s national cryptocurrency will be able to store assets and conduct transactions with them using hardware wallets. CoinDesk came to this conclusion when analyzing the user agreement that appeared online after China Construction Bank (CCB) provided access to users to the wallet’s functionality.

It’s worth reminding that a large Chinese bank China Construction Bank (CCB) enabled access to the functionality of the service and allowed customers to create an account for work with the national cryptocurrency in its mobile app. A few hours later, the service was disabled. Representatives of the financial organization explained that it was done because the functionality has not yet been officially launched. Despite this, many users managed to take screenshots of the service and download the accompanying documentation.

Screenshot of the digital yuan section in the CCB app

CCB Mobile App Interface – Digital RMB Operations Section

The CoinDesk team, in turn, kept the terms of the user agreement. According to media reports, the document mentions the possibility of conducting digital yuan transactions through a hardware wallet. This approach will improve the security of asset storage. With a hardware wallet, users will be able to hold large amounts of digital RMB offline. Lack of access to the network eliminates the possibility of hacking and remote asset theft.

Presumably, users will be able to use a mobile application for their daily operations. It is possible to transfer the amounts necessary for daily spending into it, while the main savings are stored offline.

According to CCB, digital yuan will be available in four different plans. The latter implies the presence of restrictions on transactions with a new financial instrument. It is not known yet whether the rules apply to work through hardware wallets.

At the moment, China is testing digital yuan. Recently, it was reported that local regulators have decided to expand the scope of the pilot project.

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