Digital yuan wallet toped mobile apps in China

In this, the country's CBDC is still at the stage of closed testing

11.01.2022 - 11:40

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1 min

What’s new? The South China Morning Post newspaper reported that one day after the launch of the digital yuan wallet, it managed to become the most downloaded application in the App Store and the Xiaomi marketplace. The wallet has already overtaken the WeChat messenger in popularity. However, e-CNY is still at the testing stage.

The South China Morning Post material

What else is known about the digital yuan? After several years of development, China launched a digital yuan pilot project in April 2020 and has since pioneered the development of a central bank digital currency (CBDC).

The application, created by the People's Bank of China's Digital Currency Research Institute, became available for download in China's Android and Apple app stores last week. Anyone in China can download the app, but digital currency is only available in certain cities.

The country also intends to allow the use of the digital yuan at the 2022 Winter Olympics in Beijing.

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