The China Construction Bank (CCB), the largest commercial bank in China, plans to launch a hardware device that will allow users to store large amounts of digital yuans.
According to CoinDesk, this hardware wallet will allow users to store large amounts of digital yuans offline. The device will reportedly be activated upon request by customers at the same bank or through a digital channel. It must be noted these wallets are traceable and users must provide personal data before activating them.
At the moment, the restrictions that will be applied to level 1 wallets are still unknown. However, level 2 wallets will allow users to deposit up to 10,000 yuans, while the limit for single transactions will be 5,000 yuans. The daily limit is 10,000 yuan, while the annual limit is 300,000 yuan. It is also unknown what will determine the level of the wallets.
The four major state-owned commercial banks (Agricultural Bank of China, Industrial and Commercial Bank of China, Bank of China and China Construction Bank) have confirmed their participation in the digital yuan tests in the past.
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