China launches digital yuan wallet pilot for android and iOS

By Prashant Jha
Published January 4, 2022 Updated January 4, 2022
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China launches digital yuan wallet pilot for android and iOS

By Prashant Jha
Published January 4, 2022 Updated January 4, 2022

China has launched the digital wallet pilot for its digital yuan (e-CNY) on Andriod and iOS platforms. The latest development comes as the world awaits an official public launch for the country’s native CBDC. China was among the first nations to develop its sovereign digital currency after starting the development work in 2014.

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According to a tweet from a local digital media platform BlockBeats, the trial version is available for anyone to download and navigate through it to understand its working. The local report read:

“This App is the official service platform of China’s CBDC for individual users to carry out pilot trials, providing e-CNY personal wallet opening and management, e-CNY exchange and circulation services.”

 

Earlier in 2021, a screenshot of the alleged e-CNY wallet was leaked online that was meant for internal use by banks. The current layout of the wallet seems quite different from the first leak.

The development work was completed by the end of 2019, however, the Beijing government is yet to announce a public launch. In these two years of mass trials, the digital yuan has been used in various industries and platforms. The state provinces have airdropped several million in e-CNY for people to test and use it completely.

Will China officially launch digital yuan in 2022?

The speculations around a possible official launch have been doing the rounds for years, however, each year the Chinese government and authorities only expand the scope of testing of the CBDC including online payments and insurance payment as well. Many European and Asian nations are also on the verge of starting their CBDC trials in 2022, however, China is still years ahead in terms of development and testing.

China could potentially launch its e-CNY in 2022 and the pilot version of its digital wallet is one such indication that the government might opt for a public launch. However, even without a launch e-CNY is being used in millions during the trials itself, the official launch would be an extension of the trials.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1277 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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