Chinese central bank has released pilot version for digital yuan wallet

The "e-CNY (Pilot Version)" application was made available for download on the Chinese Android and Apple app store on Tuesday.

As China's Central bank steps to create a digital currency, it's developed the "e-CNY (Pilot-version)" app, Which is available on IOS and Android stores. 

According to a tweet from Blockbeats, a local news source, individual users in China right now can download the latest version of the app to test opening and managing a personal waller, as well as 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, 2022

The application claims it's in an innovative research and development phase and is only accessible to select individuals through authorized e-CNY service providers.

In 2021, PBOC Governor YI Gang announced that the country would continue to develop its central bank digital currency including enhancing interoperability with currency payment systems. The PBOC announced in a year-end conference.

China has taken a critical lead in developing a CBDC for public use, the majority of countries, which are still in the research stages of a CBDC. The People's Bank of China said that digital currency can be used during the Beijing Winter Olympics in 2022. expressing that American competitors ought not to use the money at an occasion facilitated in China.

The Federal Reserve, As reported by Cointelegraph in September, the United States central bank announced that it is exploring the advantages of developing a digital dollar and will introduce a paper on the subject.

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