China Construction Bank Reportedly Disables Digital Yuan Wallet After Soft Launch Attracts Wide Attention

China Construction Bank (CCB), one of the nation’s largest financial institutions, has reportedly disabled its digital yuan wallet, which was available inside the banking group’s mobile app, after the service’s soft launch drew wide attention.

According to Coindesk, It is unclear when the banking group opened the service, but news of the feature traveled quickly over the weekend among the Chinese cryptocurrency community and media. The media outlet reported that searching for the same term inside CCB’s mobile app now leads to a message that reveals:

“This function is not yet officially available to the public. Please wait patiently.”

The soft launch of the digital yuan wallet comes less than a year after CCB added new features to its blockchain-based finance platform. As previously reported, the platform was launched in April 2018 and has facilitated over $53.5 billion worth of transactions between exporters, banks, and various financial institutions.

The platform also provides factoring and financing services that currently allow exporters to receive cash payments in exchange for selling their medium and long-term receivables at low prices. CCB‘s subsidiary Jianxin Financial Services, which is backed by $230 million in funding, is now managing the blockchain-powered finance platform. 

Founded in 1954, CCB claims to be one of the “big four” banks in the People’s Republic of China. In 2015, CCB was the 2nd largest bank in the world by market capitalization and the 6th largest company in the world. The bank has approximately 13,629 domestic branches.

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