As China’s central bank ramps up efforts to create a digital currency, the country has released a beta version of its RMB digital wallet in mobile app stores.
The People’s Bank of China (PBC) Digital Currency Research Institute has developed an e-CNY (beta) app that was made available for download on Chinese Android and Apple app stores on Tuesday in Shanghai.
According to a tweet from local news source BlockBeats, individual users in China can now download an earlier version of the app to test opening and managing their personal wallet and digital RMB transactions.
However, according to a Reuters report, the app claims to be in beta research and development and is only available to individuals through approved e-CNY service providers.
In late fall 2021, Governor of the People’s Bank of China Yi Gang said the country would continue to develop a central bank digital currency (CBDC) and improve design and use, including better interoperability with existing payment systems. The People’s Bank of China (PBOC) announced at its year-end meeting that it will continue to pursue further development of the digital yuan.
On the subject: China wants US senators to “stop creating problems” with the digital yuan
China has taken a significant lead in developing the digital currency of the digital card for public use, surpassing most countries that are still in the CBD research phase. The People’s Bank of China said the digital currency could be used during the Beijing 2022 Olympic Games. However, US senators have expressed concern about this allegation, saying that American athletes should not use currency at an event in China.
On the other hand, the Federal Reserve is still looking into whether to offer digital currencies to central banks in the United States. As Cointelegraph reported in September, the US Federal Reserve said it is studying the benefits of creating a digital dollar and will eventually submit an article on the topic.