China’s PBOC Unveils a New Offline SIM Card-Based Digital Yuan Wallet!

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The People’s Bank of China (PBOC) has created an offline SIM card-based digital yuan wallet that allows users to make transactions even if their mobile device is turned off. The wallet has been created by the PBOC’s Digital Currency Research Institute and is undergoing tests in Shenzhen and Suzhou. This development is significant as it provides millions of users with 2G mobile devices, who do not have internet access, with the ability to transact using the digital yuan. The digital currency is already being trialed nationwide and aims to eventually replace physical notes and coins in circulation.