China’s central bank launches pilot version of the yuan digital wallet

While China’s central bank is stepping up its efforts to create a digital currency, andThe country has launched a pilot version of its Yuan digital wallet app in mobile phone app stores.

The Research Institute for Digital Currencies of the People’s Bank of China (PBoC) has developed the app “e-CNY (pilot version)”, which was available for download in China’s app stores for Android and Apple on Tuesday in Shanghai.

According to a tweet from BlockBeats, a local news source, individual users in China can now download an older version of the app to test opening and managing a personal wallet and digital yuan transactions.

The e-CNY app is now available in the iOS and Android app stores.

This application is the official service platform of the CBDC of China for individual users to conduct pilot tests and provides e-CNY services for opening and managing personal wallets, e-CNY exchange and circulation

China’s central bank launches pilot version of the yuan digital wallet
China’s central bank launches pilot version of the yuan digital wallet

But according to a Reuters report The app claims that it is in an experimental research and development phase and only accessible to select individuals through authorized e-CNY service providers.

In late fall 2021, PBoC Governor Yi Gang stated that the country would continue to develop its central bank digital currency (CBDC) and improve its design and usage, including improving interoperability with systems. The PBoC announced at a year-end meeting that it would continue to advocate the further development of the digital yuan.

China has taken significant leadership in developing a CBDC for public use, surpassing most of the countries still in the study of a CBDC. The People’s Bank of China said the digital currency could be used during the Beijing Winter Olympics in 2022. However, US Senators expressed concern about this claim, stating that American athletes should not use the currency at an event organized in China.

In the meantime, the US Federal Reserve is still debating whether or not to introduce a CBDC for the United States. As Cointelegraph reported in September, the US Federal Reserve announced that it was studying the benefits of creating a digital dollar and would eventually produce a paper on the subject.

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