China Launches A Pilot Program For Their Digital Yuan Wallet e-CNY
The PBOC, the Central Bank of China, has launched pilot versions of its digital yuan wallet application e-CNY for both Android and iOS as the country’s central bank steps up its push to develop its own digital currency.
By Andrew Senior
January 4th, 2021
Developed by the digital currency research institute, a part of PBOC, the pilot version of e-CNY is now available for download on Chinese app stores in Shanghai. A notice in the app informs users that it is currently in the research and development phase of the program and that the pilot version of the app is only available to select users through supported institutions that provide e-CNY services, including major domestic banks.
In November of 2021, PBOC Governor Yi Gang said 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.”
Rumors have swirled regarding China’s stance on Bitcoin ever since the country started taking steps to ban crypto mining and trading last year. Now, with the push to release their e-CNY digital wallets, it seems we are getting closer and closer to China rolling out their own digital currency.
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