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

As
China’s
central
bank
steps
up
its
effort
to
create
a
digital
currency,
the
country
has
released
a
pilot
edition
of
its
digital
yuan
wallet
application
on
mobile
phone
app
stores.

The
People’s
Bank
of
China
(PBoC)
digital
currency
research
institute
developed
the
“e-CNY
(Pilot
Version)”
app,
which
was
available
for
download
on
Chinese
Android
and
Apple
app
stores
on
Tuesday
in
Shanghai.

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

However,
according
to
report
from
Reuters,
the
app
claims
it
is
in
an
experimental
research
and
development
phase
and
is
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
design and
usage,
including
enhancing
interoperability
with
current
payment
systems.
The
PBoC
announced
in
a
year-end
meeting
that
it
would
continue
to
push
for
the
further
development
of
the
digital
yuan.



Related: 
China
wants
US
senators
to
‘stop
making
trouble’
out
of
digital
yuan

China
has
taken
a
significant
lead
in
developing
a
CBDC
for
public
use,
outstripping
the
majority
of
countries,
which
are still
in
the
research
stages
of
a
CBDC
.
The
People’s
Bank
of
China
said
the
digital
currency
could
be
used
during
the Beijing
Winter
Olympics
in
2022
.
However,
senators
from
the United
States
have
expressed
concern

over
this
claim,
stating
that
American
athletes
should
not
utilize
the
currency
at
an
event
hosted
in
China.

The
U.S.
Federal
Reserve,
meanwhile,
is
still
contemplating
whether
or
not
to
introduce
a
CBDC
for
the
United
States.
As
reported
by
Cointelegraph
in
September,
the
United
States’
central
bank
stated
that
it
was
studying
the benefits
of
creating
a
digital
dollar

and
would
eventually
present
a
paper
on
the
subject.

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