China's central bank has launched a pilot version of a wallet app for its sovereign digital currency in a push to expand its usage to more people.
China's central bank has launched a pilot version of a wallet app for the digital yuan in a push to expand its usage to more people.
So far, China has done a number of trials around the country in the form of lotteries where users in certain cities have been given a small amount of the digital currency to spend. But now more people in certain cities can download the app, highlighting how China is trying to get more people to use the digital currency.
China has been running trials for its digital yuan or e-CNY. Now the People's Bank of China is hoping to expand usage of digital currency by launching an e-CNY wallet app to more users in select cities. Photo taken on July 7, 2021 shows a digital Chinese currency logo at the World Artificial Intelligence Conference 2021 in Shanghai, China.China's central bank has launched a pilot version of a wallet app for the digital yuan in a push to expand its usage to more people.
The app is available on China's Android app stores and Apple's app store. It allows users to open a digital yuan wallet and spend the currency.and has been in the works since 2014. It is not a cryptocurrency like bitcoin but is instead issued and controlled by the People's Bank of China.
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