China launches cryptocurrency app

The Central Bank of China has just launched a test version of a digital yuan wallet application to gradually popularize the use of this digital currency.

Digital yuan (e-CNY) used at a shopping mall in Shanghai, China. Photo: AFP

The yuan wallet application is available on China’s Android app stores and Apple’s app store. Users can download, open digital yuan wallets and spend.

The digital yuan (e-CNY) is an electronic version of the yuan that has been in use since 2014. It is not a virtual currency like Bitcoin as it is issued and controlled by the Bank of China. China Central Products.

Recently, China has experimented with using digital yuan in the form of “red packets” and users in certain cities are given a small amount of digital currency to spend.

Some retailers, such as the e-commerce company, already accept this form of payment. However, the digital yuan is not yet officially widely used throughout China. The e-CNY app allows users in 10 regions of China, including major cities like Shanghai and Beijing, to use digital yuan wallets.

Previously, only invited users could use the digital yuan app, but now the app is in mass use. This move shows that China is trying to attract more and more people to use the digital yuan.

“Beijing Winter Olympics regions” are among those that can use the digital yuan, according to the announcement on the app e-CNY. The 2022 Winter Olympics in Beijing is one of the events that the Central Bank of China aims to expand the use of the digital yuan.

However, experts say the e-CNY app will face stiff competition from two players dominating China’s e-payments market, including Ant Group’s Alipay and Tencent’s WeChat. .