A pilot version of the digital yuan wallet app by The People’s Bank of China was launched on mobile apps stores. This is yet another sign of the nation’s determination to become the first country to create its own digital currency central bank (CBDC).
China’s Latest CBDC Push
BlockBeats recently tweeted that the digital currency research center of PBoC had released the “eCNY (Pilot version)” app – a mobile money for the Chinese CBDC – on iOS and Android shops across the country. It is now available for local users to download and conduct pilot tests of the digital Yuan and its circulation services.
The eCNY app is now available in the Android and iOS 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
Reuters also reported that the initiative was available for download in both Apple and Android app stores.
The application contained a notice that it was still in research and development mode. Only accredited users can access the “e-CNY Pilot Version” via banks that offer digital yuan services such as major domestic banks.
China is among the world’s most advanced countries in its efforts to create a digital version of its national currency. The central bank announced last November that 140 million people have opened eCNY wallets after all the efforts to popularize this financial product.
In June 2021, these accounts stood at 24,000,000. The number of digital yuan transactions has also significantly increased over that period, from $5.4 billion up to $9.7billion.
In November, JD.com, the largest Chinese ecommerce platform, teamed up with China Construction Bank to become China’s first company to accept e-CNY payments on its platform. The product was available for clients to use during Singles Day, the annual shopping festival in China that sees the company record billions in sales.
The US-China Confrontation
The Chinese CBDC was a catalyst for economic superpowers China and the United States to clash verbally last summer.
First, the government in the most populous country announced plans to allow athletes and visitors to the 2022 Beijing Winter Olympics to make use of the CBDC.
A few months later, three American senators, Marsha Blackburn, Roger Wicker and Cynthia Lummis, urged the U.S. Olympic Committee not to allow any use of the central bank’s digital currency in China during the Olympics. They expressed concern that China’s economic rival might use the e-CNY to spy and espionage.
These accusations were quickly reacted by the Chinese authorities. Zhao Lijian, the spokesperson for the Foreign Ministry, advised American lawmakers not to make such assumptions about the currency. He stated that the USA does not know what digital currency is.
We suggest that they find out what a cryptocurrency is. The US politicians must abide by the Olympic Charter spirit, stop making sport a political issue, and stop making trouble out of China’s digital currency.
Marla Brooks – Financial Analysis
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