The digital yuan mobile wallet is now available on iOS and Android app platforms in China. This puts China ahead of other countries in testing its central bank digital currency (MNBC).
Mobile wallet for digital yuan now available
On its Twitter account, local Chinese media outlet BlockBeats revealed that the mobile wallet for the digital yuan is available on iOS and Android app platforms in China.
The e-CNY app is now available on iOS and Android app stores.
This App is the official service platform of China’s CBDC for individual users to carry out pilot trials, providing e-CNY personal wallet opening and management, e-CNY exchange and circulation services.CBDC pic.twitter.com/c8S1newxiw
– BlockBeats (@BlockBeatsChina) January 4, 2022
This application is a mobile wallet for using digital yuan, China’s central bank digital currency (CBD).
As of now, Chinese residents can download this test version to manage their personal wallets.
The application was developed by a subsidiary of the Chinese central bank. In order to download this application, users must live in the following cities:
” Shenzhen
Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian and the Winter Olympics area,” says BlockBeats.
So, this new service demonstrates that China is getting ahead of the curve in the use of MNBC.
China leading the way in the use of MNBC
It is true that the country was one of the first to experiment with central bank digital currency. Now, the use of the digital yuan is starting to gain momentum in China.
Indeed, after experimenting with the integration of crypto-yuan into merchant payment terminals, China has deployed nearly 3,000 ATMs to make the digital yuan more liquid. The aim is to be able to convert it into cash more easily.
To expand the use of MNBC, the cities of Beijing and Suzhou also allow payment in digital yuan on the underground.
Since then, nearly 10% of the Chinese population is said to be using MNBC already, according to the People’s Bank of China (PBOC).
