Značka: Yuan

CBDC wallet tops mobile app store charts in China

The official digital yuan wallet app that was released as a pilot version to be used in select cities has still managed to top app store charts in its first week.Developed by the Digital Currency Research Institute of the People’s Bank of China (PBoC), the app became available for download on Chinese Android and Apple app stores last Tuesday.The app is still in an experimental phase and is only accessible to select individuals through authorized e-CNY service providers. While anyone in China could download the app, its usage is limited to select cities. Despite these limitations, the South China Morning Post reported that e-CNY managed to become the most downloaded app on Apple’s App Store one day after its launch, surpassing Tencent’s super app WeChat. It was dethroned by video-sharing app Kuaishou on Saturday.The app enjoyed similar success in Xiaomi’s mobile app store, a popular platform for Chinese Android users. It topped the list within a day before falling to the second spot on Monday according to market researcher Qimai. The app ranked 43rd on Huawei’s mobile store on Monday, jumping 10 spots in a day.Related: China wants US senators to ‘stop making trouble’ out of digital yuanAfter years of development, China started digital yuan pilots in April 2020 and since has become a pioneer in central bank digital currency (CBDC) development, to the point where the country plans to enable CBDC payments at the 2022 Winter Olympic Games in Beijing, scheduled for next month. The digital yuan even became a topic of debate for several United States senators, who have signed a letter urging Olympic officials to forbid American athletes from using the digital yuan during the event.

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Major payments app WeChat to add support for China's digital yuan

WeChat, China’s largest messaging app and one of the country’s most popular payment services, will start supporting the Chinese government’s digital currency.On Jan. 6, 2021, Tencent announced that it will begin accepting digital yuan payments via its proprietary mobile wallet WeChat Pay, according to a local news report. China has been developing a digital yuan since 2014, and it has yet to be implemented nationwide. If people start paying for goods and services with WeChat, which has more than 1 billion users, it will give it a significant boost.WeChat’s enormous user base and multitude of wrapped services have earned it the moniker of a “mega-app.” Users can use WeChat Pay to chat, pay bills, and order food or transportation. There are over 800 million monthly active users on WeChat Pay.Linghao Bao, an analyst at consultancy firm Trivium China, told CNBC, “Chinese consumers are so locked in WeChat Pay and Alipay, it’s not realistic to convince them to switch to a new mobile payment app. So it makes sense for the central bank to team up with WeChat Pay and Alipay as opposed to doing it on its own.”Related: China’s digital yuan deploys at speed, leaving dust in its pathSo far, the People’s Bank of China (PBoC) has conducted limited tests of the digital yuan in several cities involving small quantities of the currency in commercial and consumer environments. Despite the fact that there is no timetable for a nationwide rollout, there are indications that the PBoC is interested in expanding usage of the digital currency.China has established a significant lead in developing a central bank digital currency for public use, exceeding the majority of countries that are still in their respective research phases. Earlier this week, the country’s central bank released a pilot version of a digital yuan wallet app on the Chinese iOS and Android stores. 

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

As China’s central bank steps up its effort to create a digital currency, the country has released a pilot edition of its digital yuan wallet application on mobile phone app stores.The People’s Bank of China (PBOC) digital currency research institute developed the “e-CNY (Pilot Version)” app, which was available for download on Chinese Android and Apple app stores on Tuesday in Shanghai.According to a tweet from BlockBeats, a local news source, individual users in China now can download an earlier version of the app to test opening and managing a personal wallet, as well as digital yuan transactions.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, 2022However, according to a report from Reuters, the app claims it is in an experimental research and development phase and is only accessible to select individuals through authorized e-CNY service providers. In late fall 2021, PBOC Governor Yi Gang stated that the country would continue to develop its central bank digital currency (CBDC) and improve design and usage, including enhancing interoperability with current payment systems. The PBOC announced in a year-end meeting that it would continue to push for the further development of the digital yuan.Related: China wants US senators to ‘stop making trouble’ out of digital yuanChina has taken a significant lead in developing a CBDC for public use, outstripping the majority of countries, which are still in the research stages of a CBDC. The People’s Bank of China said the digital currency could be used during the Beijing Winter Olympics in 2022. However, Senators from the United States expressed concern over this claim, stating that American athletes should not utilize the currency at an event hosted in China.The Federal Reserve, on the other hand, is still contemplating whether or not to introduce a CBDC for the United States. As reported by Cointelegraph in September, the United States’ central bank stated that it is studying the benefits of creating a digital dollar and will eventually present a paper on the subject.

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