Cryptocurrency

China Launches Digital Currency App, Looks to Expand Usage

China Launches App For Digital Currency, Looks to Expand Usage

  • China’s central bank has launched a wallet app for the country’s digital currency, the digital yuan
  • The country plans to encourage more people to adopt the use of the virtual currency in the country
  • So far, the country has carried out trials in the form of lotteries that have allowed users in certain cities to win small amounts of the online currency

China is looking to expand its citizen’s use of its digital currency, the digital yuan and it has launched a pilot version of the wallet app to that effect.

China

The recently launched app is available on the country’s Android play store and Apple’s app store. It will allow users to access their wallets and complete transactions using the digital yuan.
Also known as e-CNY, the digital yuan is a digital version of China’s official currency and it has been in the work since 2014.

Digital currency

Unlike Bitcoin and other cryptocurrencies which are unregulated, e-CNY is issued and controlled by the apex bank the People’s Bank of China.
To aid the use of the currency, the country has carried out some trials in the form of lotteries, and users in some cities have been given a small amount of the digital currency to spend.
Some major retailers such as JD.com have begun to accept the virtual coin as payment since last year.

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However, the digital yuan has not been rolled out officially and the country hasn’t given a timeline for when it will be.

With the launch of the new app, users in 10 areas including Shanghai and Beijing will be able to use the digital yuan. This is an upgrade from when only those who were invited could use the digital currency.

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