China’s central bank has launched a pilot version of its wallet app for the digital yuan. The app, which allows users to open a digital yuan wallet and spend the currency, is currently available in both China’s Android app stores and Apple’s app store.
The new app allows users in 10 regions, including the major cities Shanghai and Beijing, to use the currency. Before the app was opened to the public, it used to work with the invitation system, but now everyone can download the app.
The digital yuan (e-CNY) app was developed by the People’s Bank of China’s (PBOC) digital currency research institute.
The digital yuan (e-CNY) has actually been in use since 2014 and essentially functions as physical cash converted into digital form. The distribution of the digital currency will be carried out using a two-tier system that transfers e-CNY from PBOC to commercial currency. Banks will then distribute the currency directly to consumers. e-CNY does not offer the same kind of privacy as other crypto assets, as it is not a decentralized currency like bitcoin and other cryptocurrencies.
According to a notice in the app, the “Beijing Winter Olympics areas” will be one of the places where the digital yuan can be used.