China’s central bank has launched the beta version of its digital yuan (also known as e-CNY) wallet app on Android and iOS devices. The move makes China the largest country yet to roll out a Central Bank Digital Currency.
The "e-CNY (Pilot Version)" app, developed by the People's Bank of China's (PBOC) digital currency research institute, was available for download on Chinese Android and Apple app stores on Tuesday in Shanghai.
Registration for the wallet has opened in the following cities: Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, and Dalian, as well as venues of this year’s Winter Olympics, hosted by Beijing.
China aims to allow foreign visitors to use the digital yuan during the Winter Olympics.
The timing of the release coincides with the coming Lunar New Year, when monetary gifts called lai see (red packets) are common. China hopes to gradually replace paper currency with the digital yuan.
