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

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

The People’s Bank of China Digital Currency Research Institute (PBOC) developed the “e-CNY (pilot version)” app, which was available for download from the Chinese Android and Apple app stores in Shanghai on Tuesday.

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

However, according to a Reuters report, the app claims it is in an experimental research and development phase and is only accessible to certain people through authorized e-CNY service providers.

In late fall 2021, PBOC Governor Yi Gang said the country would continue to develop its central bank digital currency (CBDC) and improve its design and use, including improving interoperability. with current payment systems. The PBOC announced at a year-end meeting that it would continue to promote the development of the digital yuan.

Related: China wants US senators to “stop making trouble” with digital yuan

China has taken a significant lead in developing a CBDC for public use, overtaking the majority of countries, which are still in the stages of finding a CBDC. The People’s Bank of China has said the digital currency could be used during the Beijing Winter Olympics in 2022. However, US senators have expressed concern over the claim, saying US athletes should not not to use the currency during an event organized in China.

The Federal Reserve, meanwhile, is still considering whether or not to introduce a CBDC for the United States. As Cointelegraph reported in September, the U.S. central bank said it is studying the benefits of creating a digital dollar and will eventually come up with an article on the subject.