Bitcoin News and Finance
China’s Digital Yuan Smart Card to Feature Biometrics and Fingerprint Scanning Skip to main content

China’s Digital Yuan Smart Card to Feature Biometrics and Fingerprint Scanning

China's Digital Yuan Smart Card to Feature Biometrics and Fingerprint Scanning

The People’s Bank of China’s upcoming digital yuan card will feature IDEX Biometrics and fingerprint scanning, according to regional reports. China’s “Digital Currency Electronic Payment” 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.

China’s DCEP Will Boast Advanced Fingerprint Identification and Authentication Solutions

China’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.com’s employee participation, Tencent and Ant Group’s help, and Mastercard looking to engage with DCEP transactions. Additionally, reports had shown that the People’s Bank of China-run Digital Currency Research Institute’s, Ma Changchun, stressed that the DCEP would not be fully anonymous.

China's Digital Yuan Smart Card to Feature Biometrics and Fingerprint Scanning

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 “with the Norwegian provider of advanced fingerprint identification and authentication solutions” provider IDEX Biometrics.

Ogundeji also notes that Chinese officials are hoping to launch the DCEP during Beijing’s Winter Olympics in 2022.

‘China’s CBDC Is Ahead of the Game,’ 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 company’s recent announcement about the DCEP project, IDEX Biometrics says: “China is leading the way with digital currency electronic payment.”

IDEX Biometrics further notes that a biometric payment card is essential for a CBDC network. “For 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 – without a biometric payment card,” the biometrics company explained this week.

IDEX adds:

That is one reason why the Postal Savings Bank of China is trialing cards equipped with fingerprint scanners developed by fintech partners IDEX Biometrics and Goldpac for transactions in the new currency… A biometric payment card is also smaller and cheaper than a smartphone and requires no battery. That means everyone can have one and be less dependent on network connectivity and power sockets. One trial combines digital payments into a medical ID card.

The biometrics and fingerprint concepts most definitely indicate a lack of anonymity with China’s upcoming DCEP network. Moreover, the biometrics announcement follows the recent reports from the Dalian branch of the People’s Bank of China (PBoC).

8btc’s Ogundeji says that the Postal Savings Bank of China (PSBC) and Dalian branch have started digital yuan trials in certain villages this week. “The PSBC’s Dalian branch has so far set up 224 stations in rural areas and completed 1,558 payment transactions,” the report concludes.

What do you think about China’s digital yuan smartcard and the biometrics features? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory