People’s Bank of China’s (PBOC) has released a pilot versions of its e-CNY, digital yuan wallet application on app stores as the central bank steps up its push to develop its own digital currency.
PBOC launches wallet apps for digital yuan
The “e-CNY (Pilot Version)” app, developed by the PBOC digital currency research institute, is now available for download on Chinese Android and Apple app stores.
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.
Mu Changchun, head of the PBOC Digital Currency Research Institute, said in November that about 140 million Chinese residents had opened a digital yuan account as of October 2021, with accumulated transactions reaching 62 billion yuan ($9.7 billion) since launch.
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.
To download the trial app and activate the wallet, users must be physically located in one of 11 locations: Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian and the Winter Olympics area.
While many countries around the world are investigating the technology, China has seized an early lead in readying a CBDC for public use.
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