China launches digital yuan app on Android and iOS stores

China launches digital yuan app on Android and iOS stores

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Answer China launches digital yuan app on Android and iOS stores

The People’s Bank of China has launched a beta version of its digital yuan digital wallet app on mobile app stores.

This is an effort and another step that demonstrates China’s desire to be the first strong economy to develop its own central bank digital currency (CBDC).

Latest move from CBDC China:

According to a recent tweet from local news site BlockBeats, the PBoC’s Cryptocurrency Research Institute has released the e-CNY digital yuan app with a beta version.

The app is a digital wallet for Chinese CBDC on iOS and Android stores across the country.

Local users can now download it and test digital yuan and its trading services.

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An additional Reuters report revealed that the app was available for download for the first time on the Android and Apple app stores on Tuesday (January 4) in Shanghai.

An in-app notification reported that it is still in R&D mode.

“e-CNY” (trial version) is only accessible to authorized users via institutions that provide digital yuan services, such as major local banks.

China’s efforts to issue a digital form of its national currency are among the most advanced globally.

After all the developments to popularize the financial product, the central bank reported last November that the number of individuals who opened e-CNY wallets reached 140 million.

These calculations were almost seven times lower in June 2021 when the number reached 24 million.

Digital yuan transactions also increased significantly during this time frame, from $5.4 billion to $9.7 billion.

Also, in November, one of China’s largest e-commerce platform teamed up with China Construction Bank to become the first company to accept e-CNY as a payment method on its platform.

Customers were allowed to use the product during the Singles’ Day Shopping Festival, when the company traditionally records billions of dollars in sales.

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The confrontation between the United States and China:

Last summer, China’s central digital currency became a verbal clash between the two economic powers.

First, the government of the most populous country announced that it plans to enable foreign athletes and visitors to the 2022 Beijing Winter Olympics to use its central bank digital currency.

A few months later, US Senators Marsha Blackburn, Roger Wicker and Cynthia Loomis urged the US Olympic Committee to ban any use of China’s central bank digital currency during the event.

Politicians have expressed concern that the economic rival may use its cryptocurrency CNY for spying.

The Chinese authorities were quick to respond to these accusations. Foreign Ministry spokesman Zhao Lijian advised US lawmakers to refrain from making such assumptions about the digital yuan.

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He even went so far as to point out that the United States of America is not specifically familiar with digital currency. His comment was as follows:

We suggest that they find out what digital currency really is.

US politicians should stick to the spirit enshrined in the Olympic Charter, stop making sports a political issue, and stop making trouble with China’s digital currency.

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