The People’s Bank of China (PBOC), the Chinese central bank, has released an app that allows users to store their digital currency before the Winter Olympics.
People’s Bank of China (PBOC) launched a pilot version of its digital wallet application, Central Bank Digital Currency (CBDC). A wallet app for e-CNY, also known as Digital Currency Electronic Payment (DCEP), developed by the People’s Bank of China Digital Currency Research Institute, is now available in China’s iOS and Android app stores.
The wallet app is now available for free download. Previously, the app could only be downloaded via private links.
Head of the People’s Bank of China Digital Currency Research Institute Mu Changchun said in November that 140 million Chinese residents had opened digital yuan accounts as of October 2021, with accumulated transactions totalling 62 billion yuan (US$9.7 billion) since launch.
China would continue to improve the design and usage of its central bank digital currency, including enhancing its interoperability with existing payment tools, according to People’s Bank of China Governor Yi Gang in November.
A notice in the digital yuan wallet app states that it is in the research and development phase. According to SCMP, new user registrations are limited to areas where digital yuan is being tested, and major banks provide e-CNY services.
Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, Dalian, and venues of this year’s Winter Olympics, hosted by Beijing, are the locations of the trial.
In November, China reached a Milestone of 140 million digital wallets, according to People’s Bank of China officials. The number of digital yuan accounts in China has risen almost seven times since June, reaching 140 million, according to a People’s Bank of China official.
It has been reported that China has 140 million digital yuan wallets, of which 10 million are corporate accounts. The number of e-CNY transactions reached 62 billion yuan, or $9.7 billion.
