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

As the People’s Bank of China stepped up to create a digital currency, the country has released a pilot version of its digital renminbi wallet application in its mobile app store.

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

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

However, according to one Report From Reuters, the application claims that it is in the experimental research and development stage, and only authorized e-renminbi service providers can choose personal access.

At the end of the fall of 2021, Yi Gang, Governor of the People’s Bank of China, stated that the country will continue Develop its central bank digital currency (CBDC) and improve its design And use, including enhancing interoperability with current payment systems. The People’s Bank of China announced at the year-end meeting that it will continue to promote the further development of the digital renminbi.

related: China wants U.S. senators to “stop the trouble of creating a digital renminbi”

China is in a leading position in developing CBDC for public use, surpassing most countries, Still in the research phase of CBDC. The People’s Bank of China stated that digital currency can be used in Beijing 2022 Winter Olympics. However, senators from the Senate U.S. expresses concern In response to this statement, American athletes should not use the currency in events held in China.

On the other hand, the Fed is still considering whether to introduce CBDC for the United States.As Cointelegraph reported in September, the U.S. Central Bank said it was studying Benefits of creating a digital dollar And will finally submit a paper on this topic.