This broadened access comes as the result of a recent collaboration between the People’s Bank of China and Meituan, a Chinese shopping platform.Ĭourtesy of this collaboration, almost all residents in nine major Chinese cities can now feasibly download the digital yuan app and start using it. Now, almost two months later, China has made its digital yuan mobile app accessible to around 10% of the country’s population. This is in contrast to El Salvador’s attempt to launch a nationwide Bitcoin wallet, which has been plagued with bugs and errors since its launch. ![]() The bank held a handful of trials in major Chinese cities, such as Shenzhen, Beijing and Shanghai, where it tested e-wallet functionality and enabled the use of the digital yuan on a number of online apps. When the People’s Bank of China (PBoC) published its e-CNY whitepaper, it was evident the PBoC has accelerated its plans to test the newly-launched e-CNY wallet. Residents in 9 Major Chinese Cities Have Access to E-CNY Wallet ![]() And now, a report by The Block reveals that around 140 million people have used China’s digital yuan app. After almost seven years of research into digital currencies, China is finally fast-tracking the broader rollout of its e-currency.īy mid-July, China’s digital yuan trial reached a staggering 34.5 billion yuan ($5.3 billion) in transactions with 21 million individuals using the virtual wallet, Bloomberg reported. While there is no official launch date yet, the digital yuan is expected to be the first major central bank digital currency (CBDC) to be rolled out. Please consult our website policy prior to making financial decisions. Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice.
0 Comments
Leave a Reply. |