China’s central bank releases pilot version of digital yuan wallet

China’s central bank is intensifying its efforts to create a digital currency. A pilot version of its digital wallet application for the digital yuan has been released on mobile app stores.

The “e-CNY Pilot Version” app was developed by the People’s Bank of China (PBOC), a digital currency research institute. It was made available on Chinese Android and Apple apps stores on Tuesday, Shanghai.

BlockBeats, a local news source, tweeted that users can now download an older version of the app in China to try opening and managing their personal wallets as well as digital transactions.

The e-CNY App is now available in the Android and iOS app stores. This App is the official service platform of China’s CBDC for individual users to carry out pilot trials, providing e-CNY personal wallet opening and management, e-CNY exchange and circulation services.#CBDC pic.twitter.com/c8S1newxiw
BlockBeats (@BlockBeatsChina), January 4, 2022

According to Reuters, however, the app is still in experimental research and development and is accessible only to a select few through authorized eCNY service providers.

Yi Gang, PBOC Governor, stated in late fall 2021 that the country would continue developing its central bank digital currency (CBDC), and improving design and usage. This includes enhancing interoperability and compatibility with existing payment systems. During a year-end meeting, the PBOC stated that it would continue pushing for the development of the digital yuan.

Related: China asks US senators to “stop making trouble” over digital yuan

China is leading the way in developing a CBDC that can be used for public purposes. This surpasses the majority of countries which are still in research phases. According to the People’s Bank of China, the digital currency can be used at the Beijing Winter Olympics 2022. Senators from the United States raised concerns about this claim and stated that American athletes shouldn’t use the currency at events in China.

On the other hand, the Federal Reserve is still considering whether to create a CBDC in the United States. Cointelegraph reported that the United States central bank said it was studying the benefits of creating the digital dollar and would eventually publish a paper.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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