China Launches Digital Currency App in a Bid to Expand its Usage
Reading Time: 2 minutes

China’s central bank launches a digital currency app in a bid to expand its usage to more people. The digital currency app will be available on China’s Android app stores and Apple’s app store. The new app enables people to open a digital yuan wallet and spend the currency. 

China has been working since 2014, on its digital version of its sovereign currency called the digital yuan or e-CNY. Unlike Bitcoin which is a digital currency, the e-CNY is issued and controlled by the People’s Bank of China.

The Chinese authorities have carried out trials across China by giving away digital currency to people in the form of lotteries. Online retailers like JD.com have started accepting the currency as payment since last year. Though there is no official announcement of the currency being rolled out nationally or a timeframe about its release nationwide. 

Currently, the app will allow users from 10 areas including major cities such as Shanghai and Beijing to use it. Earlier users were able to download the app on an invitational basis, now everyone can download the app. Just goes to show how China is trying to get more people to start using digital currency. 

It looks like the Chinese administration is looking forward to people using the digital currency during the Winter Olympics which will take place this year in Beijing. The app carries a notice which mentions users can use the digital yuan during the event, which is one of the events People’s Bank of China plans to target. 

Having said that, the e-CNY app may face some stiff competition from the other two dominant digital apps in China i.e. Ant Group’s Alipay and Tencent’s WeChat.

Related Articles:
Burger King and Robinhood Collaborate for Crypto Giveaway Bonanza of Bitcoin, Ethereum, Dogecoin
Squid Game inspired new Cryptocurrency Soars 25,000% In Less Than A Week
Indian Government May Regulate crypto As A Commodity