The People’s Bank of China released its digital currency wallet application before the Winter Olympics. The digital renminbi wallet application, also known as e-CNY, can now be downloaded from the country’s iOS and Android application stores.
The digital meta wallet app is now available for download from the iOS and Android app stores
The People’s Bank of China (PBOC), the central bank of China, has released a pilot version of its central bank digital currency (CBDC) wallet application.
The e-CNY wallet application developed by the People’s Bank of China Digital Currency Research Institute, also known as Digital Currency Electronic Payment (DCEP), is now available for download in China’s iOS and Android application stores. Previously, the wallet application could only be downloaded via a private link. The application can be used for free.
Mu Changchun, director of the Digital Currency Research Institute of the People’s Bank of China, stated in November that as of October 2021, approximately 140 million Chinese residents have opened digital RMB accounts, and the cumulative transaction volume since its launch has reached 62 billion yuan (US$9.7 billion) .
The Governor of the People’s Bank of China, Yi Gang, stated in November that China will continue to promote the development of central bank digital currencies and improve their design and use, including improving their interoperability with existing payment instruments.
In the digital renminbi wallet application, there is a notice stating that the application is in the research and development test phase. According to the South China Morning Post, new user registration is limited to areas where digital renminbi trials are conducted and major banks that provide electronic renminbi services. The pilot areas are Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian, and the Winter Olympics venues hosted by Beijing this year.
What do you think of the Chinese digital renminbi wallet application available in China’s iOS and Android app stores? Let us know in the comments section below.
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