“People are already so used to WeChat Pay and Alipay, so many are reluctant to get digital yuan all of a sudden. Mentioning this, Chen Ling, a 26-year-old staffer at a booth selling Palace Museum’s souvenirs, said: However, considering Chinese residents are used to making daily transactions using Alipay and WeChat Pay, this could be a challenge. Arguably, the country is aiming to impress Chinese citizens, as well as tourists that visit during the Winter Olympics next year, to encourage the adoption of the digital yuan. Digital Yuan Will Face Competition From Alipay and WeChat PayĬhina’s central bank, along with other technology giants, are developing some quirky-looking gadgets, ranging from bracelets, wristbands and smartwatches – all of which would support the digital yuan wallet. Sign up to our Telegram group and stay ahead of the curve. The smart contract feature is nothing unexpected, as the PBoC had previously detailed in its e-CNY whitepaper.
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In comparison, just a couple of weeks ago, the digital yuan trial was limited to specific jurisdictions, including Suzhou, Xiong’an, Chengdu, Shenzhen, and the 2022 Winter Olympics venues in Beijing and Zhangjiakou.įurthermore, the app has recently added new features: programmability through smart contracts and what is known as sub-wallets, which facilitate online digital currency payments to participating merchants.
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This broadened access comes as the result of a recent collaboration between the People’s Bank of China and Meituan, a Chinese shopping platform.Ĭourtesy of this collaboration, almost all residents in nine major Chinese cities can now feasibly download the digital yuan app and start using it. Now, almost two months later, China has made its digital yuan mobile app accessible to around 10% of the country’s population. This is in contrast to El Salvador’s attempt to launch a nationwide Bitcoin wallet, which has been plagued with bugs and errors since its launch. The bank held a handful of trials in major Chinese cities, such as Shenzhen, Beijing and Shanghai, where it tested e-wallet functionality and enabled the use of the digital yuan on a number of online apps. When the People’s Bank of China (PBoC) published its e-CNY whitepaper, it was evident the PBoC has accelerated its plans to test the newly-launched e-CNY wallet. Residents in 9 Major Chinese Cities Have Access to E-CNY Wallet And now, a report by The Block reveals that around 140 million people have used China’s digital yuan app. After almost seven years of research into digital currencies, China is finally fast-tracking the broader rollout of its e-currency.īy mid-July, China’s digital yuan trial reached a staggering 34.5 billion yuan ($5.3 billion) in transactions with 21 million individuals using the virtual wallet, Bloomberg reported. While there is no official launch date yet, the digital yuan is expected to be the first major central bank digital currency (CBDC) to be rolled out. Please consult our website policy prior to making financial decisions. Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice.
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