e-CNY, China’s CBDC wallet, goes live in the Android App Store and IOS.
China launches e-CNY, a CBDC wallet
After years of research and development, China’s digital yuan wallet goes live. So far, only the pilot version of the wallet has been launched, but it won’t be long before the full version is also released.
According to a social media Lining by BlockBeats, the pilot version of e-CNY is being released specifically for the masses to try “personal wallet opening and management” and “e-CNY exchange and circulation services” in the app.
The e-CNY app is now available in the iOS and Android app stores.
This app is China’s CBDC’s official service platform for individual users to conduct pilot tests, offering opening and managing of personal e-CNY wallets, e-CNY exchanges and circulation services.#CBDC pic.twitter.com/c8S1newxiw
– BlockBeats (@BlockBeatsChina) January 4, 2022
Initially, only people in Shenzhen, Shanghai, Changsha, Xi’an, Qingdao, Hainan, Dalian, Chengdu, Suzhou, Xiong’an and the Winter Olympics area could download and run the app.
It’s a blockchain-centric research institute of the country’s central bank called the Bank of China’s Digital Currency Research Institute that is responsible for publishing the app. In April 2020, the Bank of China announced that the digital yuan could be used at the 2022 Olympic Winter Games in Beijing.
China and blockchain
It’s quite interesting to note that while China has been one of the most difficult countries to operate for crypto-related businesses, especially after the nationwide crackdown on crypto miners that culminated in devastation, it has actually admired the potential of the blockchain. While it’s one of the very few countries that actually built the digital currencies issued by the central bank, China’s blockchain-related development is not limited to that.
It’s perfectly clear that China has very few problems with crypto, especially blockchain, but it doesn’t want to give up its ability to affect the country’s economy. That makes the situation very interesting now.
The main purpose of blockchain technology is to free the world’s financial systems from institutions, and this is what those in power want to prevent.