China’s central bank released its digital wallet app ahead of the Winter Olympics. The wallet app for the digital yuan, also known as e-CNY, is now available for download in the country’s iOS and Android app stores.
Yuan digital wallet app now downloadable from iOS and Android app stores
China’s central bank, the People’s Bank of China (PBOC), has released a pilot version of its wallet application for the central bank’s digital currency (CBDC).
The wallet app for e-CNY, also known as Digital Currency Electronic Payment (DCEP), developed by the PBOC Digital Currency Research Institute, is now available for download in the iOS and Android app stores in China. Previously, the wallet app could only be downloaded via private links. The app is free to use.
A screenshot of the Yuan digital wallet app.
Mu Changchun, director of the PBOC Digital Currency Research Institute, said in November that by October 2021, about 140 million Chinese would have opened a digital yuan account, with the cumulative transactions since inception being 62 billion yuan ($ 9.7 billion) would have achieved.
PBOC Governor Yi Gang said in November that China will continue to develop its central bank digital currency and improve its design and usage, including improving interoperability with existing payment tools.
There is a notice in the digital Yuan wallet app that the app is in a pilot phase for research and development. According to SCMP, new user registrations are limited to areas where digital yuan tests are conducted and through major banks that offer e-CNY services. The test regions are Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, Dalian and the venues for this year’s Olympic Winter Games, which will be hosted by Beijing.
What do you think of China’s Yuan digital wallet app available in iOS and Android app stores in China? Let us know in the comment section below.
Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.
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