China Releases Government Digital Wallet

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Written By Guest User

  • The People’s Bank of China (PBoC) has developed and released a pilot version of the “e-CNY” digital wallet app which is now available for download and use on Chinese Android and Apple app stores in Shanghai.

  • BlockBeats, a Chinese based news organization, released a tweet announcing the availability of the app in China.

  • The e-CNY wallet will be used to facilitate exchanges using China’s new digital yuan central bank digital currency (CBDC).

  • This milestone signifies another step of progression in terms of CBDC development by China. Currently China is one of the leading nations in the world regarding progressing beyond a CBDC research phase.

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