China Launches Digital Yuan Wallet Apps For Android And iOS
China released a pilot version of its e-CNY or digital yuan wallet for iOS and Android. The Central Bank Digital Currency (CBDC) has been under development since 2014 and seems ready to be roll-out in 2022.
China has released pilot versions of its digital yuan wallet application on mobile phone app stores as the country’s central bank steps up its push to develop its own digital currency.
The “e-CNY (Pilot Version)” app, developed by the People’s Bank of China’s (PBOC) digital currency research institute, was available for download on Chinese Android and Apple app stores on Tuesday in Shanghai.
A notice in the app said it is in a research and development pilot phase and is only available to selected users through supported institutions that provide e-CNY services, including major domestic banks.
PBOC Governor Yi Gang said in November that China would continue to advance the development of its central bank digital currency and improve its design and usage, including increasing its interoperability with existing payment tools.
In a year-end meeting, the PBOC said it would continue to push forward with the research and development of the digital yuan.
Other sources confirmed that the Digital Yuan app will let individuals manage their funds in the CBDC, exchange it and have access to other services. Upon until now, China was airdropping the digital currency to its citizens.
China’s central bank gave over $6.2 million in Digital Yuan via a lottery contest to people living in Beijing and conducted similar initiatives in other parts of China. In order to participate, citizens needed to download a banking app only accessible via invitation from the financial institutions affiliated with the project.
Many countries are researching central bank digital currencies (CBDCs)—which are typically backed by distributed ledgers such as blockchains—as a way to go cashless and enhance security while lowering the cost and increasing the speed of payments. According to CBDCTracker.org, two countries have rolled out CBDCs: the Bahamas launched the Sand Dollar in October 2020 while Nigeria released the e-Naira one year later.
